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Financial Report: Pfizer 2Q

Pharmaceutical sales were down 9% to $10.1 billion. The negative impact of foreign exchange accounted for a drop of $1.1 billion, or approximately 9%.

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Pfizer 2Q

2Q Revenues: $11.0 billion (-9%)

2Q Earnings: $2.3 billion (-19%)

YTD Revenues: $21.9 billion (-9%)

YTD Earnings: $5.0 billion (-10%)

Comments: Pharmaceutical sales were down 9% to $10.1 billion. The negative impact of foreign exchange accounted for a drop of $1.1 billion, or approximately 9%. U.S. revenues in 2Q09 were $4.5 billion (-5%). International revenues were $6.5 billion (-12%) and reflected operational growth of 2%, offset by a 14% unfavorable foreign exchange rate. Lipitor sales were down 10% to $2.7 billion. Norvasc sales were down 18% to $518 million. Chantix sales were $192 million (-7%). Lyrica sales were $629 million (+2%). Geodon sales were flat at $231 million. Celebrex sales were $548 million (-7%). Sutent sales were $223 million (+5%). Camptosar sales were down 38% to $85 million. The decline in 1H09 revenues included the loss of U.S. exclusivity for Zyrtec in January 2008 and Camptosar in February 2008, the loss of exclusivity in Japan for Norvasc in July 2008, as well as the revenue declines for Lipitor and Chantix/Champix. Results include restructuring charges and acquisition-related costs of $459 million in the quarter and $1.0 billion YTD.

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