Pfizer 2Q Profit Rises, Rev Up On Wyeth Acquisition |
| Wall Street Journal - Aug 3, 2010 |
Drug maker Pfizer Inc. (PFE) said Tuesday its second-quarter profit rose 9.5% on a big jump in revenue due to last year's $68 billion purchase of Wyeth.
Pfizer reported unusually strong sales growth for most of its top drugs, including cholesterol pill Lipitor and pain drug Lyrica. Wyeth products, including anti-inflammatory drug Enbrel and a new version of the childhood vaccine Prevnar, also contributed to overall revenue growth.
The results exceeded Wall Street's expectations, and Pfizer said it now expects to hit the upper end of its previous forecast range for full-year earnings, excluding certain merger-related costs and other items. The company reiterated its financial targets for 2012, which will be the first full year after losing U.S. patent protection for Lipitor in 2011.
"We are reaffirming every element of our targets for 2012 despite the headwinds of global economic challenges, U.S. health-care reform, European pricing challenges and foreign-exchange fluctuations," Pfizer Chief Executive Jeffrey Kindler said during a conference call with analysts.
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- Posted: 2010-08-03 11:02:11
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