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Home Industry News Pfizer announces full-year results

Pfizer announces full-year results

29th January 2008

Pfizer has published its fourth-quarter and full year results for the 2007 fiscal year, with the company recording revenues of $48.6 billion (24.5 billion pounds), up from $48.4 billion in 2006.

Reported net income dropped 57 per cent during the year to $8.3 billion, while reported income per share (EPS) fell by 55 per cent to $1.20.

Adjusted net income rose two per cent to $15.3 billion while diluted EPS rose seven per cent to $2.20.

The company attributed its rise in revenues to the strong performance of new and in-line products combined with the favourable impact of foreign exchange.

Jeff Kindler, chairman and chief executive officer, said: “In 2007, we delivered solid performance and made structural and operational changes to enhance the future performance of our company.

“With strong product performance, cost reductions, improved productivity and the benefits of foreign exchange, we achieved both revenue and adjusted diluted EPS growth despite losing US market exclusivity for Norvasc and Zoloft.”

He added that these results underline the operational and financial strength of the company, in addition to its commitment to realising its objectives in a difficult industry.

David L Shedlarz, vice-chairman of the company, retired from Pfizer at the end of 2007.

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