Pfizer Inc. on Tuesday said its first-quarter profit fell from a year earlier when the world's biggest drugmaker recorded a big gain from the sale of several non-pharmaceutical businesses.
But excluding last year's gain and other items this year, primarily costs from its purchase of Pharmacia Corp., Pfizer's earnings shot up 27 percent, slightly ahead of Wall Street's expectations, fueled by strong sales of key treatments for cholesterol, hypertension and epilepsy.
The New York-based company said its net earnings fell to $2.33 billion, or 30 cents per share, from $4.67 billion, or 76 cents per share, the year before.
Excluding special items, the company earned 52 cents a share, up from 41 cents a share the year before. On that basis, analysts, on average, had forecast 51 cents per share, according to Reuters Research, a unit of Reuters Group Plc.
Revenue rose 47 percent to $12.49 billion, aided by the Pharmacia acquisition. Analysts on average had expected $12.53 billion, according to Reuters Research.
Pfizer affirmed it expects revenues this year of $54 billion and earnings, excluding special items, of $2.13 per share. Including special charges, they expect earnings of $1.55.
Sales of cholesterol fighter Lipitor, the world's top selling drug, rose 19 percent to $2.5 billion, helped by studies showing that high doses of it can arrest further development of artery plaque.
