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Financial Report: Pfizer

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Pfizer

4Q Revenues: $13.1 billion (+4%)

4Q Earnings: $2.9 billion (-70%)

FY Revenues: $48.6 billion (+1%)

FY Earnings: $8.3 billion (-57%)

Comments: Pharmaceutical revenues for the quarter were $11.9 billion, up 2% thanks to favorable foreign exchange, which increased revenues by approximately $550 million or 5%. FY pharma revenues were $44.6 billion, down 1%. Lipitor revenues in the quarter were $3.4 billion, up 3%, but were down 2% for the year, at $12.7 billion. 4Q Celebrex sales were $637 million, up 18%, and for the year were $2.3 billion, up 12%. Revenues for Zoloft and Norvasc, which lost U.S. marketing exclusivity in 2006 and 2007, respectively, dropped 47% compared with the year-ago quarter. Revenues from new products — Chantix, Sutent and Lyrica — grew significantly. 4Q Chantix revenues were $280 million compared with $68 million in 4Q2006. FY Chantix revenues were $883 million compared with $101 million in 2006, the year it was launched. 4Q and FY Sutent sales were $182 million, up 75% and $581 million, up 166%, respectively. Lyrica sales were $564 million, up 60% and for the year were $1.8 billion, up 58%. Earnings in the quarter and FY were impacted by a one-time after-tax gain of $7.9 billion related to the sale of the Consumer Healthcare business as well as after-tax charges of $2.1 billion in 3Q2007 related to the write-off of assets and other costs associated with dropping Exubera. FY results were also impacted by the loss of U.S. exclusivity of Norvasc and Zoloft, which contributed to a decrease of  $3.4 billion in Norvasc and Zoloft revenues.

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