Pfizer today reported a 21% increase in second-quarter profits, as the world's biggest pharmaceutical group got strong sales of its cholesterol-lowering drug Lipitor.
Pfizer, who employ over 2,200 in Ireland, said its net income rose to $3.46 billion, or 47 cents a share, from $2.86 billion, or 38 cents a share, a year earlier.
Excluding special items, Pfizer reported adjusted net income of 46 cents a share in the latest quarter, slightly ahead of analyst expectations. Pfizer said revenue increased by 1% to $12.43 billion from $12.28 billion last year. Pfizer reaffirmed its 2005 financial forecast of $1.98 adjusted earnings per share for 2005, with 'double-digit' growth in earnings per share for 2006 and 2007.
'Pfizer achieved solid operating results in the second quarter,' said Hank McKinnell, chairman and CEO. 'While Pfizer continues to achieve solid current performance, the company is successfully reinventing itself for the long term to meet patients' health care needs and to enhance shareholder value,' he said.
Sales of Lipitor, the world's most prescribed brand-name drug, rocketed 21% to $2.9 billion. The company is in litigation to prevent the introduction of generic versions of the drug. Pfizer said sales of the company's core human health division dropped 1% to $10.64 billion.
Pfizer attributed the drop to the withdrawal of the arthritis drug Bextra from the market, weakened sales for the similar drug Celebrex and generic competition for other name-brand medicines.
The Food and Drug Administration withdrew its approval for Bextra last spring over safety concerns. Although the FDA has found Celebrex to be largely safe, lingering concerns have hampered sales.
Sales of animal medications grew 19% to $578m, while consumer product sales increased 12% to €969m.
