Pfizer reports ‘solid’ results for first quarter

Pfizer has announced its financial results for the first quarter of the 2007 fiscal year, with the firm reporting a six per cent rise in revenues on the same quarter last year to $12.5 billion (6.26 billion pounds).

The company reported an 18 per cent drop in net income compared with the same period last year to $3.39 billion, while reported diluted earnings per share dropped 14 per cent to $0.48.

Pfizer described these results as signifying a “good” opening quarter to the year, with a 15 per cent rise in adjusted income per share to $0.69. This rise was attributed to a number of causes, including a growth in important new drugs and in-line products.

Jeffrey Kindler, chairman and chief executive officer of the company, said: “We are especially encouraged by the performance our Pfizer colleagues delivered, given that we also initiated significant organisational and cultural changes this quarter to enhance our performance and our return to shareholders in the future.”

He added that the firm had seen increased sales for Lipitor and Celebrex, in addition to strong performances of Chantix, Sutent and Lyrica.

In February 2007, Pfizer announced that Constance J Homer, a director of the firm since 1993, had been elected as lead director of the company, succeeding Stanley O Ikenberry in the role following his retirement.