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Pfizer Revenues Rise

by 5m Editor
24 July 2008, at 7:25am

GLOBAL - Pharmaceutical and animal health company Pfizer has reported revenues of $12.1 billion, for the second quarter of the year, an increase of nine per cent compared with $11.1 billion in the quarter a year ago.

In the US, revenues were $4.8 billion, a fall of two per cent, while international revenues were $7.4 billion, an increase of 18 per cent.

The company said that revenues reflect the positive impact of foreign exchange, which increased revenues by approximately $800 million or seven per cent, as well as the solid performance of many key products.

For the second-quarter 2008, Pfizer posted reported net income of $2.8 billion, an increase of 119 per cent compared with $1.3 billion in the quarter a year ago.

For the first-half 2008, Pfizer recorded revenues of $24.0 billion, an increase of two per cent compared with $23.6 billion in the same period in 2007.

The company said the two per cent increase reflects the favorable impact of foreign exchange, which increased revenues by approximately $1.4 billion or six per cent, in addition to the solid performance of many key products. In the US, revenues were $10.3 billion, a decrease of 12 per cent, while international revenues were $13.7 billion, an increase of 15 per cent.

For the first-half 2008, the Company posted reported net income of $5.6 billion, an increase of 19 per cent compared with $4.7 billion in the prior-year period.

Animal Health revenues for the second-quarter 2008 were $715 million, an increase of 13 per cent compared with $632 million in the year-ago quarter. The increase was also driven by the favorable impact of foreign exchange, which increased revenues by approximately $50 million or eight per cent, in addition to strong global livestock and companion animal product performance.

"We are pleased with the financial results we delivered this quarter, which were driven in part by the solid performance in our Pharmaceutical and Animal Health businesses," said Chairman and Chief Executive Officer Jeff Kindler.

"Many of our key products continued to perform well both in the US and international markets."