Tc
Mon, Jan-22-07, 17:16
http://www.finfacts.com/irelandbusinessnews/publish/article_1-
0008773.shtml
Pfizer reports Q4 2006 net income, excluding one-time items,
down 12%; Announcement on restructuring also due Monday By
Finfacts Team Jan 22, 2007, 14:14
Pfizer Chief Executive Jeffrey Kindler Pfizer, the world's
biggest pharmaceutical firm, said Monday that its
fourth-quarter net income more than tripled on a gain from the
sale of its consumer health-care division to Johnson &
Johnson, in advance of a jobs cut and restructuring
announcement set for later Monday.
Pfizer's adjusted earnings, fell as revenue was flat, impacted
by the company's loss of exclusivity on antidepressant Zoloft.
Net income surged to $9.45 billion, or $1.32 a share, from
$2.73 billion, or 37 cents a share, a year earlier. The latest
quarter included a gain of $7.9 billion on the J&J deal, which
closed in December, partly offset by charges. Excluding the
one-time items, Pfizer's fourth-quarter earnings would have
been 43 cents a share, down 12% from the year-earlier period,
excluding items.
At a meeting with analysts and investors set for 1 p.m. EST (6
p.m. Irish time) Monday in New York, Pfizer senior management
will present the company's plan to offset the ongoing expiry
of patents on key blockbuster drugs. recent and impending
losses of market exclusivity for key top-selling drugs.
Layoffs and plant closures are among the expected actions;
Pfizer also will present its financial forecast for future
periods. In 2006, Pfizer's patent for the blockbuster
antidepressant Zoloft expired and fourth-quarter sales fell
79% to $166 million a generic products entered the market.
Overall fourth-quarter sales rose slightly to $12.6 billion
from $12.55 billion a year earlier. The biggest drug earner
was Lipitor, the cholesterol-lowering drug, which had sales of
$3.34 billion, down 1% from $3.36 billion. For 2006, Lipitor
sales were $12.89 billion, up 6% from $12.19 billion in 2005.
Pfizer termed it a "substantial accomplishment in the face of
intense branded and generic competition in the statin market."
Statin is the term for the class of drugs to which Lipitor
belongs; others include AstraZeneca PLC's Crestor and Merck &
Co.'s Zocor, the latter of which now has an inexpensive,
generic version.
Total sales for 2006 were $48.37 billion, up 2% from $47.41
billion in 2005. Adjusted earnings, excluding items, rose 6%
to $2.06 a share, in line with the company's forecast.
"In the face of many challenges in 2006, we substantially
achieved a number of financial targets that we set early in
the year," Pfizer Chief Executive Jeffrey Kindler said in a
press release
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TC
0008773.shtml
Pfizer reports Q4 2006 net income, excluding one-time items,
down 12%; Announcement on restructuring also due Monday By
Finfacts Team Jan 22, 2007, 14:14
Pfizer Chief Executive Jeffrey Kindler Pfizer, the world's
biggest pharmaceutical firm, said Monday that its
fourth-quarter net income more than tripled on a gain from the
sale of its consumer health-care division to Johnson &
Johnson, in advance of a jobs cut and restructuring
announcement set for later Monday.
Pfizer's adjusted earnings, fell as revenue was flat, impacted
by the company's loss of exclusivity on antidepressant Zoloft.
Net income surged to $9.45 billion, or $1.32 a share, from
$2.73 billion, or 37 cents a share, a year earlier. The latest
quarter included a gain of $7.9 billion on the J&J deal, which
closed in December, partly offset by charges. Excluding the
one-time items, Pfizer's fourth-quarter earnings would have
been 43 cents a share, down 12% from the year-earlier period,
excluding items.
At a meeting with analysts and investors set for 1 p.m. EST (6
p.m. Irish time) Monday in New York, Pfizer senior management
will present the company's plan to offset the ongoing expiry
of patents on key blockbuster drugs. recent and impending
losses of market exclusivity for key top-selling drugs.
Layoffs and plant closures are among the expected actions;
Pfizer also will present its financial forecast for future
periods. In 2006, Pfizer's patent for the blockbuster
antidepressant Zoloft expired and fourth-quarter sales fell
79% to $166 million a generic products entered the market.
Overall fourth-quarter sales rose slightly to $12.6 billion
from $12.55 billion a year earlier. The biggest drug earner
was Lipitor, the cholesterol-lowering drug, which had sales of
$3.34 billion, down 1% from $3.36 billion. For 2006, Lipitor
sales were $12.89 billion, up 6% from $12.19 billion in 2005.
Pfizer termed it a "substantial accomplishment in the face of
intense branded and generic competition in the statin market."
Statin is the term for the class of drugs to which Lipitor
belongs; others include AstraZeneca PLC's Crestor and Merck &
Co.'s Zocor, the latter of which now has an inexpensive,
generic version.
Total sales for 2006 were $48.37 billion, up 2% from $47.41
billion in 2005. Adjusted earnings, excluding items, rose 6%
to $2.06 a share, in line with the company's forecast.
"In the face of many challenges in 2006, we substantially
achieved a number of financial targets that we set early in
the year," Pfizer Chief Executive Jeffrey Kindler said in a
press release
---
TC