Tuesday, May 3, 2011

Pfizer Inc. (NYSE: PFE): Q1 2011 Earnings Roundup

Pfizer Inc. (NYSE: PFE) said that its first-quarter net income rose to $2.22 billion, or 28 cents per share, from $2.03 billion, or 25 cents per share, in the year-ago quarter. On an adjusted basis, the company earned 60 cents per share in the latest quarter. Revenue dropped slightly to $16.5 billion, from $16.6 billion. Analysts, on average, expected the drug maker to earn 58 cents a share on revenue of $16.6 billion.

For full year 2011, at current exchange rates, Pfizer continues to anticipate reported earnings per share of $1.09 to $1.24, adjusted earnings per share of $2.16 to $2.26, while reported revenues are currently expected in range of $65.2 billion to $67.2 billion. Previously, Pfizer estimated full-year 2011 reported revenues of $66 billion to $68 billion.

The company continues to expect fiscal 2012 reported earnings per share of $1.58 to $1.73, and adjusted earnings per share of $2.25 to $2.35, while reported revenues are now expected to be between $62.2 and $64.7 billion. Previously, at current exchange rates, Pfizer anticipated reported revenues in the range of $63 billion to $65.5 billion for fiscal 2012.

Ian Read, President and Chief Executive Officer, stated, "I am pleased not only with our solid financial performance during the first quarter despite the loss of exclusivity of several products in the U.S. and other geographies, but also with our ability to enhance shareholder value through various initiatives, including our increased share repurchase activity so far this year. Many of our products, notably the Prevnar/Prevenar franchise and Lyrica, continued to perform well. In addition, our Emerging Markets unit delivered 8% operational growth, driven by many of our priority countries, notably China, and continued to benefit from our ongoing targeted investment."

"With our strong base of people, platforms and in-line and pipeline compounds combined with our continuing focus on improving returns on investment, I believe we are well positioned to succeed in fixing our innovative core, which, if successful, can lead to greater value in both the near and longer-term. I am pleased to report that during this year we expect to present phase 3 clinical data for tofacitinib in rheumatoid arthritis, axitinib for renal cell carcinoma, Prevnar/Prevenar 13 for the prevention of pneumococcal disease in adults, and Eliquis for stroke prevention in patients with atrial fibrillation, as well as phase 2 clinical data for crizotinib for non-small cell lung cancer, among others. For crizotinib, we remain on-track with our rolling U.S. submission, which began in January. Additionally, we continue to anticipate filings in the U.S. and EU by the end of 2011 for certain other oncology compounds as well as for tofacitinib and Eliquis. Further, we expect to receive actions later this year on our U.S. and EU filings of Prevnar/Prevenar 13 for the prevention of pneumococcal disease in adults."

Full Disclosure: None.
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