Pfizer Q2 profit beats forecasts

Pfizer, the biggest US drug maker, said Tuesday its second-quarter profit had surged 25 percent from a year earlier, boosted by cost-cutting that offset lower sales.

Pfizer said net income was $3.25 billion in the April-June period, compared with $2.6 billion in the same quarter last year.

Excluding special items, earnings were 62 cents per share, well above the average analyst estimate of 54 cents.

Revenue fell 9.0 percent to $15.0 billion, better than expected, as Pfizer continued to suffer from the loss of exclusivity for its blockbuster anti-cholesterol drug Lipitor.

The New York-based company took a $1.8 billion, or 11 percent, hit on revenues from losses of exclusivity on products, mainly Lipitor in most major markets.

In the United States, revenues fell 15 percent to $5.7 billion, due mainly to the November 2011 loss of Lipitor exclusivity in its home market that has allowed generic versions to compete.

International revenues slipped 5.0 percent to $9.3 billion as sales were hit by unfavorable foreign-exchange rates.

In emerging markets, sales grew 14 percent, driven largely by China and Russia.

The quarter's earnings were boosted by a reduction in costs of 16 percent, or $1.6 billion; a buyback of 398 million shares; and a $581 million gain from discontinued operations from the sale of its Nutrition business.

In April Pfizer sold its infant food maker Pfizer Nutrition to Swiss food giant Nestle for $11.85 billion.

Pfizer said that it intends to file for an initial public offering of its Animal Health unit in August, with an IPO targeted for the first half of 2013.

Up to a 20 percent ownership stake will be offered in the stand-alone public company, to be called Zoetis.

"Overall, I am confident that Pfizer is well-positioned for long-term success given the potential of our innovative late-stage and emerging pipeline" of products and strong cash flow, among other factors, Ian Read, Pfizer's chairman and chief executive, said in a statement.

Pfizer reaffirmed its 2012 forecast of earnings per share of $2.14 to $2.24, and revenues between $58.0 to $60.0 billion.

Shares were up 0.1 percent at $23.74 in pre-market trading.

Source: http://news.yahoo.com/pfizer-q2-profit-beats-forecasts-005621079.html

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