Earlier on Tuesday, Pfizer Inc. announced an increase of 5% in its second-quarter profit regardless of slightly lower sales, because the purchase of Wyeth in 2009 resulted in lower taxes and cheap restructuring charges.
The New York-based giant drugmaker declared that its net income increased from $2.48 billion, or 31 cents a share, in the 2Q of 2010 to $2.61 billion, or 33 cents per share.
The world’s largest drug maker and producer of cholesterol fighter Lipitor and impotence pill Viagra made revenues of $4.73 billion, or 60 cents a share, excluding one-time items.
According to FactSet, analysts were anticipating per share earnings of 59 cents.
In the face of strong growth in rising markets, Pfizer noted that its revenue amounted to $16.98 billion, a decrease of 1% as compared with revenues of $17.02 billion expected by analysts.
Recognizing that competition from generics has affected several patented products; Chief Executive Ian Read said that: “Our performance this quarter was in-line with our expectations. The fundamentals of our business remain strong. We will continue to invest in areas that will enhance our presence, expand the breadth of our portfolio and position our businesses to better capitalize on high-growth opportunities.”
The profit forecast for 2011 was maintained by the company with per share adjusted earnings of $2.16 to $2.26 and revenues of $65.2 billion to $67.2 billion. Pfizer anticipates per share earnings of $1.09 to $1.24 inclusive of one-time charges. On an average, analysts anticipate revenues of $66.68 billion and $2.25 per share.