Pfizer Inc. (PFE.N: Quote, Profile, Research) on Tuesday said its quarterly profit fell from a year earlier when the world's biggest drugmaker had a big gain from the sale of several businesses, but acquisitions helped fuel a 47 percent rise in revenue.
But excluding last year's gain and other items this year, primarily costs from its purchase of Pharmacia Corp. and biotechnology company Esperion, Pfizer's earnings shot up 27 percent, slightly ahead of Wall Street's expectations.
Profit growth was fueled by strong sales of key treatments for cholesterol, hypertension and epilepsy.
The New York-based company said net earnings fell to $2.33 billion, or 30 cents per share, from $4.67 billion, or 76 cents per share, the year before.
Excluding special items, the company earned 52 cents a share, up from 41 cents a share the year before. On that basis, analysts, on average, had forecast 51 cents per share, according to Reuters Research, a unit of Reuters Group Plc.
Revenue rose 47 percent to $12.49 billion, aided by acquisition of Pharmacia's portfolio of medicines. Analysts on average had expected $12.53 billion, according to Reuters Research.
Pfizer affirmed it expects earnings to jump almost 22 percent this year, excluding special items, to $2.13 per share, and forecast revenue of $54 billion. Including special charges, it expects earnings of $1.55 per share.
The strong performance will hinge largely on $3.4 billion in cost savings this year from mergers, Pfizer said.
Sales of cholesterol fighter Lipitor, the world's top-selling drug, rose 19 percent to $2.5 billion, helped by studies showing that high doses of it can arrest further development of artery plaque.
Norvasc, the world's top-selling drug for high blood pressure, saw sales rise 16 percent to $1.14 billion, while epilepsy medicine Neurontin rose 12 percent to $696 million.
But other key medicines were hurt by rival drugs, including impotence pill Viagra, whose sales declined 12 percent to $416 million amid competition from GlaxoSmithKline Plc's (GSK.L: Quote, Profile, Research) Levitra and Eli Lilly and Co.'s Cialis. (LLY.N: Quote, Profile, Research) .
Shares of Pfizer closed at $37.58 on Monday on the New York Stock Exchange, near an almost two-year high of $38.87 reached in February
But excluding last year's gain and other items this year, primarily costs from its purchase of Pharmacia Corp. and biotechnology company Esperion, Pfizer's earnings shot up 27 percent, slightly ahead of Wall Street's expectations.
Profit growth was fueled by strong sales of key treatments for cholesterol, hypertension and epilepsy.
The New York-based company said net earnings fell to $2.33 billion, or 30 cents per share, from $4.67 billion, or 76 cents per share, the year before.
Excluding special items, the company earned 52 cents a share, up from 41 cents a share the year before. On that basis, analysts, on average, had forecast 51 cents per share, according to Reuters Research, a unit of Reuters Group Plc.
Revenue rose 47 percent to $12.49 billion, aided by acquisition of Pharmacia's portfolio of medicines. Analysts on average had expected $12.53 billion, according to Reuters Research.
Pfizer affirmed it expects earnings to jump almost 22 percent this year, excluding special items, to $2.13 per share, and forecast revenue of $54 billion. Including special charges, it expects earnings of $1.55 per share.
The strong performance will hinge largely on $3.4 billion in cost savings this year from mergers, Pfizer said.
Sales of cholesterol fighter Lipitor, the world's top-selling drug, rose 19 percent to $2.5 billion, helped by studies showing that high doses of it can arrest further development of artery plaque.
Norvasc, the world's top-selling drug for high blood pressure, saw sales rise 16 percent to $1.14 billion, while epilepsy medicine Neurontin rose 12 percent to $696 million.
But other key medicines were hurt by rival drugs, including impotence pill Viagra, whose sales declined 12 percent to $416 million amid competition from GlaxoSmithKline Plc's (GSK.L: Quote, Profile, Research) Levitra and Eli Lilly and Co.'s Cialis. (LLY.N: Quote, Profile, Research) .
Shares of Pfizer closed at $37.58 on Monday on the New York Stock Exchange, near an almost two-year high of $38.87 reached in February
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