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Home Industry News Pfizer publishes half-year report

Pfizer publishes half-year report

19th July 2007

Pfizer has announced its second-quarter results for the 2007 financial year, with the firm also restating its financial guidance for the 2007 and 2008 fiscal years and releasing an update on the development of its business priorities.

Revenues for the quarter fell by six per cent compared to the same quarter last year, dropping to $11.1 billion (5.4 billion pounds), with reported net incoming falling 48 per cent to $1.3 billion.

Diluted earnings per share on a reported basis dropped 45 per cent when compared to the second quarter of 2006, falling to $0.18.

The company claims that its results for the quarter were affected by the loss of exclusivity for Norvasc and Zoloft and the timing of expenses, while noting the strong performance of new products Chantix, Lyrica and Sutent.

Jeffrey Kindler, chairman and chief executive officer of Pfizer, said: “While there’s no question that we faced difficult challenges in the second quarter of 2007? we’re still on track to meet our previously announced 2007 and 2008 revenue and adjusted diluted EPS goals.”

He added that this unchanged guidance highlights the company’s ability to meet its financial goals despite the complexity and competitiveness of the pharmaceutical industry.

Earlier this month, independent research store Piribo reported that Pfizer topped the list of searches on its site, accounting for 7.98 of all user queries.

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