Pfizer Reports Dip In Q3 Revenues

Published: 20-Oct-2009

Updates FY guidance to reflect Wyeth’s acquisition, expects to report revenues between $49b to $50b

Pfizer has reported revenues of $11.6b for the third-quarter of 2009, a 3% decrease compared with $12b in the year-ago quarter. Revenues for the quarter compared with the year-ago quarter were unfavourably impacted by approximately $610m, or 5%, due to foreign exchange and were favourably impacted by $217m, or 2%, due to a one-time adjustment in the year-ago period for prior years’ liabilities for product returns.

For third-quarter 2009, US revenues were $4.8b, a decrease of 2% compared with the year-ago quarter. International revenues were $6.8b, a decrease of 4% compared with the prior-year quarter, and reflected 5% operational growth and a 9% unfavourable impact of foreign exchange.

US revenues represented 41% of the total, while international revenues represented 59% of the total, both comparable with the year-ago quarter.

Primary Care revenues for third-quarter 2009 were $5.5b, a decline of 4% compared with $5.8b in the year-ago quarter. Specialty Care revenues for the quarter were $1.6b, an increase of 3% compared with $1.5b in the same period last year.

Oncology revenues for the three months were $371m, a decrease of 5% compared with $389m in the same quarter in 2008. Established Products revenues for the quarter were $1.6b, a decline of 12% compared with $1.8b in the year-ago quarter. Emerging Markets revenues for third-quarter 2009 were $1.6b, a decrease of 4% compared with $1.7b in third-quarter 2008.

Animal Health revenues for third-quarter 2009 were $678m, a decline of 4% compared with $708m in the year-ago quarter.

For the first nine months of 2009, revenues were $33.5b, a decrease of 7% compared with $36b in the same period in 2008. Foreign exchange unfavourably impacted revenues by approximately $2.3b or 6%.

US revenues were $14.3b, a decrease of 6% compared with the first nine months of 2008. International revenues were $19.2b, a decrease of 8% compared with the same period last year, and reflected 3% operational growth.

US revenues represented 43% of the total compared with 42% in the year-ago period, and international revenues represented 57% of the total compared with 58% of the total of the first nine months of 2008.

For third-quarter 2009, Pfizer reported net income of $2.9b, an increase of 26% compared with $2.3b in the prior-year quarter. Net income for the first nine months period was $7.9b.

Jeff Kindler, chairman and CEO, said: “We are pleased with our results this quarter and in our ability to once again deliver solid operational performance in an environment that continues to be challenging. Excluding foreign exchange, our five Pharmaceutical units and Animal Health business continued to perform well enabling us to continue to meet our commitments.

“The completion of the Wyeth acquisition represents a significant milestone in the transformation of Pfizer. We are beginning to implement our integration plan in order to quickly maximize the value of our expanded and more diversified global product portfolio in key high-growth areas. With customer-centric businesses, supported by research organizations, Pfizer is now well positioned to deliver greater value to patients and shareholders.”

Pfizer has updated its 2009 full-year financial guidance, at current exchange rates, to reflect the acquisition of Wyeth. The company now expects to report FY revenues between $49b to $50b compared to its previous guidance of $45b to $46b.

Tell your friend about this article