Pfizer brands power performance for Q1

Pfizer drugs Lipitor, Celebrex, Geodon and Lyrica all recorded increased sales as the company announced what it referred to as “solid operating performance” in the first quarter of 2006.

While revenue was down compared with the same three-month period of 2005 ($12.660 billion compared with $13.091 billion), adjusted income was higher for the first quarter this year than last ($4.461 billion compared with $4.000 billion).

“We are reporting solid operating performance for the first quarter of 2006, with an increasing contribution from our new products, significant cost savings from our restructuring initiatives, and additional action to build shareholder value,” said Hank McKinnell, chairman and chief executive officer.

“We will continue to manage the loss of exclusivity on some of our major products with an aggressive strategy that responds to our competitive challenges and positions Pfizer for renewed growth.”

In-line products and new products allowed the human health division of the company to experience five per cent growth in the first quarter of 2006, with a 32 per cent increase in sales of Geodon perhaps the highlight of the company’s portfolio.

“We are reconfirming our 2006 full-year financial guidance for revenues and adjusted diluted EPS [earnings per share], as well as our targets for 2007 and 2008,” Mr McKinnell said about Pfizer’s future outlook.

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