Pfizer revenues for the first quarter of 2005 grew 5 percent to $13.091 billion, compared to the first quarter of 2004, reflecting strong performances by Lipitor, Zithromax, and other product lines.
Revenue growth was also due to three additional days in our fiscal calendar in the quarter as well as the weakening of the U.S. dollar relative to a number of foreign currencies, offset in part by sales declines for Celebrex and Bextra and recent generic competition in the U.S. against Neurontin, Diflucan, and Accupril.
“Pfizer continues to deliver steady performance,” said Hank McKinnell, chairman and chief executive officer.
“Pfizer’s revenue growth of 5 percent in the first quarter was the product of two underlying forces. One Pfizer markets the broadest array of in-line and new products in the industry. Excluding the U.S. revenues of Neurontin, Diflucan, and Accupril — products that faced generic competition beginning in 2004 — and total revenues of Celebrex and Bextra, Pfizer revenues for the first quarter of 2005 achieved strong double-digit growth. The other Pfizer is a business going through the natural process of reinventing itself. We are addressing the loss of exclusivity of a number of products, a situation that we have long planned for, by advancing a number of internally developed, in- licensed, and co-promoted product candidates.
“As the leader of the worldwide pharmaceutical industry, Pfizer has important competitive advantages that will serve us well and distinguish us from others in our industry. The unparalleled breadth and depth of our product portfolio and pipeline clearly demonstrate the unique benefits of Pfizer’s scale and our skill at leveraging the opportunities it provides us. Scale also enhances our status as ‘partner of choice’ with other companies who have promising product candidates and technologies, as well as giving us influence as a global purchaser of goods and services.
“Our strategic and operating flexibility allows us to marshal and focus resources when and where they are needed, to change with a changing environment, and to recognize and seize emerging opportunities. And our will to succeed in the important work of improving human health remains as strong as ever,” Dr. McKinnell continued.
The Company’s Human Health business generated revenues of $11.440 billion, up 4 percent, in the first quarter compared to the same period in 2004. Quarterly revenues of Pfizer’s Consumer Healthcare business were $945 million, up 17 percent. Pfizer’s Animal Health revenues increased 16 percent in the quarter to $496 million.
Reported first-quarter net income of $301 million and reported diluted earnings per share of $.04 included $622 million ($.08 per share) of significant impacts of purchase accounting for acquisitions (primarily non- cash charges attributable to the acquisition of Pharmacia); merger-related costs of $151 million ($.02 per share); certain significant items of $2.955 billion ($.40 per share), which included $2.189 billion of tax expense related to the planned repatriation of $28.3 billion in overseas cash later in 2005 and $766 million of charges attributable to the suspension of sales of Bextra; and income from discontinued operations of $29 million, all on an after-tax basis. Excluding these items, adjusted income* in the first quarter of 2005 grew 1 percent relative to the prior year to $4.000 billion, and adjusted diluted EPS in the quarter increased 4 percent to $.54, compared to the same period in 2004.
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