Tags: US | Earns | Pfizer

Pfizer Profit Rises 5% on Lower Charges, Taxes

Tuesday, 02 Aug 2011 08:51 AM

Pfizer Inc. said Tuesday that its second-quarter profit rose 5 percent despite slightly lower sales, thanks to lower taxes and reduced restructuring charges from its 2009 purchase of Wyeth.

The world's biggest drugmaker said its net income was $2.61 billion, or 33 cents per share, up from $2.48 billion, or 31 cents a share, in 2010's second quarter.

Excluding one-time items, the New York-based maker of cholesterol fighter Lipitor and impotence pill Viagra would have made $4.73 billion, or 60 cents a share.

Analysts surveyed by FactSet were expecting earnings per share of 59 cents.

Pfizer said its revenue totaled $16.98 billion, down 1 percent despite strong growth in emerging markets. Analysts were looking for revenue of $17.02 billion.

"Our performance this quarter was in-line with our expectations," Chief Executive Ian Read said in a statement, noting that generic competition hurt several products. "The fundamentals of our business remain strong. We will continue to invest in areas that will enhance our presence, expand the breadth of our portfolio and position our businesses to better capitalize on high-growth opportunities."

The company maintained its 2011 profit forecast, for adjusted earnings per share of $2.16 to $2.26, with revenue of $65.2 billion to $67.2 billion. Including one-time charges, Pfizer expects earnings per share of $1.09 to $1.24. Analysts expect $2.25 per share and revenue of $66.68 billion, on average.

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Pfizer Inc. said Tuesday that its second-quarter profit rose 5 percent despite slightly lower sales, thanks to lower taxes and reduced restructuring charges from its 2009 purchase of Wyeth. The world's biggest drugmaker said its net income was $2.61 billion, or 33 cents...
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