Drugmaker Pfizer Inc. said Tuesday its profit in the first quarter increased by 10%, despite flat revenues, due to reduce production costs, research and a smaller tax bill.
Largest drugmaker of the world by revenue said its net income of $ 2.22 billion, or 28 cents per share. Located 2.03 billion, or 25 cents per share, in the first quarter of 2010.
Excluding non-recurring items, income was $ 4.81 billion, or 60 cents per share, down just 1% of a year ago.
The author based in New York of blockbuster cholesterol Lipitor and Viagra impotence pill said income $ 16.5 billion, on a half - percent of 16.58 billion a year ago.
Analysts surveyed by FactSet expected earnings per share of 58 cents and the 16,59 billion in revenue. In General, they exclude non-recurring items.
Shares of Pfizer fell 49 cents, or 2.3% to $20.53 in trade at the beginning.
Pfizer has maintained its forecast given in January for 2011 earnings per share of $2.16 on $2.26, excluding slightly more than $1 to non-recurring items. But it reduced its revenue forecast to approximately $67 billion to $ 66.2 billion.
Pfizer for a second time reduced its 2012 prior forecast revenues, this time to $ 63.5 billion, $ 64,25 billion. This year is essential since Lipitor, medicine more sold in the world with almost 11 billion in annual sales, loses late November U.S. patent protection and generic competition will quickly erode sales.
In a statement, Chief Executive Ian Read said he was pleased with our solid financial performance in the quarter despite the loss of exclusivity (patent) of several products to the United States"" and other countries.
"I believe that we are well placed to succeed in our innovative base, which, if successful, can lead to a higher value in both the short and long term fixation", he added.
The United States sales fell by 3% to $ 7.02 billion, while sales abroad struck 9.48 billion, up to 2% or 1% excluding the impact of the favourable exchange rate. Income in the first quarter was a boost of 224 million dollars from the sale of products manufactured by that Pharmaceuticals, a manufacturer of pain resistant to abuse and other drugs that Pfizer acquired March 1 for $ 3.6 billion.
Pfizer said it bought back about $2.2 billion of its stock from January to April 30 and is now expected to buy $ 5 billion to 7 billion of shares in this year. in February, he said that it would buy back to 5 billion dollars in shares.
The company is to relieve investors still upset that Pfizer half its dividend of 32-100 at the beginning of 2009 to help finance the purchase of rival drugmaker Wyeth $ 68 billion. That deal, third megamerger of Pfizer in a decade, introduced biotech, consumer and veterinary drugs of the Wyeth company and leave yet another round of layoffs and other reductions in price. Pfizer has raised the quarterly dividend of 20 cents in December.
Meanwhile, Pfizer shares have largely languished in adolescence for the past two years, after negotiating over $28 there five years - a reason, the Council ousted predecessor of Read, Jeffrey Kindler, in December.
First quarter sales were driven out by the solid performance of treatment of pain treatment with Lyrica, painkiller Celebrex, antidepressant Pristiq, Prevnar pneumococcal vaccine, arthritis treatment Enbrel Rheumatoid biotech and asthma Spiriva inhaler.
Pfizer noted that Lipitor received generic competition in the Canada and Spain in the middle of last year. In November, the disease of Alzheimer Aricept drug, Pfizer sells jointly with Esai Co. Ltd. of the Japan, lost U.S. patent protection. In total, these losses reduced patent income of $ 590 million, the company said. Lipitor sales were flat in the United States and down 25%, to $ 2.39 billion.
During this time, Pfizer hit with new generic competition in the first quarter for drugs for heartburn blockbuster Protonix and Neurontin, for the treatment of pain caused by shingles and seizures.
Total sales of pharmaceuticals tempered 2%, 14.22 billion, while sales in emerging markets increased by 8% to $ 2.18 billion. Countries including China, the India and the Brazil are a key target for virtually all cash international, as the consolidation of U.S. health and pressures on the prices of European government health programs have been stifling the growth of incomes in these areas.
Sales of veterinary drugs jumped 16 per cent of $ 982 million, and sales of health products to consumers such as Centrum vitamins increased by 12% to $ 745 million.
Drug discount higher than required under the U.S. health care income review reduced by 166 million dollars in the quarter.
No comments:
Post a Comment