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Financial Report: Pfizer 3Q08

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Pfizer

3Q Revenues: $12.0 billion (flat)

3Q Earnings: $2.3 billion (earnings were $761 million in 3Q07)

YTD Revenues: $36.0 billion (+1%)

YTD Earnings: $7.8 billion (+45%)

Comments: Pharmaceutical revenues in the quarter were $11.0 billion (-1%). Lipitor revenues in the quarter dropped 1% to $3.1 billion. Zyrtec and Camptosar revenues decreased by $549 million to $428 million and $121 million, respectively, impacted by the loss of U.S. exclusivity. Lyrica revenues were $675 million (+45%). Celebrex revenues were $625 million (+8%). Sutent revenues were $226 million (+49%). Chantix revenues were down 24% to $182 million. R&D expenses in the quarter were $1.9 billion (-6%). Results for 3Q07 and YTD07 include charges associated with the impairment of Exubera assets and the decision to exit Exubera, including $1.1 billion of intangible asset impairments, $661 million of inventory write-offs, $454 million of fixed asset impairments, and $584 million of other exit costs.

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