Pfizer reports $48.4 billion revenue in 2006

Pfizer has announced its financial results for the 2006 fiscal year, reporting a two per cent increase in revenues to $48.4 billion (24.5 billion pounds). The company’s adjusted diluted earnings per share rose six per cent over 2005 to $2.06.

The company noted that it bought common stock worth $7 billion during 2006, with Pfizer’s total purchase of its common stock in the past five years exceeding $35 billion.

Pfizer reported that it had achieved its “key” financial targets for the year, despite a number of challenges, including the company’s decision in December to halt its development of torcetrapib/atorvastin.

Jeffrey B Kindler, chairman and chief executive officer of the company, said: “IN the face of many challenges in 2006, we substantially achieved a number of financial targets that we set earlier in the year.”

He added that the company had delivered a robust performance, despite the reduction of revenue as a result of Zithromax and Zoloft losing exclusivity in the US, while the company was looking to review every aspect of its business in future in order to enhance performance.

Last month, Pfizer announced the sale of its consumer healthcare business to Johnson & Johnson for $16.6 billion in order to give the company flexibility to invest further in the growth of its core pharmaceutical business while increasing return to shareholders.