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Home Industry News Pfizer expresses satisfaction with third quarter performance

Pfizer expresses satisfaction with third quarter performance

4th November 2010

Pfizer has hailed the progress it has made in growing its business during the third quarter of 2010.

The pharmaceutical company generated revenues of $16.2 billion (10.01 billion pounds), representing a 39 percent year-on-year increase that reflects Pfizer's expansion since the acquisition of Wyeth.

According to the company, the success of the Wyeth merger is indicative of the firm's capital allocation strategy, having acquired FoldRx Pharmaceuticals in the third quarter, while also agreeing a deal to merge with King Pharmaceuticals.

The company states that it remains confident it will be able to meet its long-term financial targets for 2012, by which point it expects to generate annual revenues of between $65.2 and $67.7 billion.

Jeff Kindler, chairman and chief executive officer of Pfizer, said he believes the firm's third quarter actions "will serve to improve our business profile and provide both near-term and longer-term financial benefit".

According to information released by the company in September 2010, Pfizer is currently working on drug development programmes for 118 new compounds.ADNFCR-8000103-ID-800216689-ADNFCR

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