US pharmaceutical giant Pfizer, maker of blockbuster drugs like Viagra and Lipitor, today reported first quarter earnings which topped most forecasts. It said that it sees a 'strong platform for growth' in 2004.
The world's largest pharmaceutical firm said its net profit amounted to $2.3 billion in the quarter, down from $4.6 billion the same time last year. The net profit in the most recent quarter was impacted by one-time costs of over $1.5 billion related to the acquisitions of Pharmacia, Esperion and two animal-health businesses, merger-related costs.
The profit excluding special items amounted to 52 cents a share, compared with an average forecast on Wall Street of 51 cents a shares.
Revenues were up 47% from a year ago to $12.5 billion for the three-months to March 31, boosted in part by the weakness of the US dollar relative to other currencies.
'Pfizer's results in the first quarter reflect the continued strong performance of the company's deep and broad product portfolio, including the contribution of products added through our successful acquisition of Pharmacia a year ago,' said Hank McKinnell, chairman and chief executive officer.
The company reaffirmed its outlook for a full-year profit of $11.9 billion, or $1.55 dollars a share, and said it sees 20 major new drug authorisations for the period of 2001-2006.
Leading products contributed to the revenue growth in a big way. Lipitor, the cholesterol-lowering medication that Pfizer called the largest-selling pharmaceutical in the world, saw its sales rise 19% to nearly $2.5 billion in the latest quarter, while anti-hypertensive therapy Norvasc accounted for $1.141 billion in sales, up 16%.
