Pfizer reports second-quarter results

Pfizer has announced its results for the second quarter of the 2008 financial year, with the company reporting revenues of $12.1 billion (six billion pounds), a nine per cent rise the same quarter a year ago.

The company said the strong performance of a number of products and the positive impact of foreign exchange more than offset the drop in revenue caused by a loss of exclusivity in the US for Zyrtec (cetirizine hydrochloride) and Camptosar (irinotecan).

Net income for the quarter increased by 119 per cent on last year’s figure to $2.8 billion, while adjusted diluted earnings per share rose from $0.42 in the comparable period to $0.55.

The company said this latter figure was positively affected by its purchase of $10 billion of its own common stock during 2007.

Jeff Kindler, chairman and chief executive officer of Pfizer, said: “We are pleased with the financial results we delivered this quarter, which were driven in part by the solid performance in our pharmaceutical and animal health businesses.”

He added Celebrex (celecoxib), Geodon (ziprasidone HCI), Lyrica (pregabalin) and Viagra (sildenafil citrate) continue to perform well in the US, while Lipitor (atorvastatin calcium) remains strong despite strong competition.

Earlier this month, redOrbit reported that Pfizer had posted the details of the $10 million in grants made by the firm in the first quarter of 2008.