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Pfizer increases Q4 revenue

Pfizer has reported a Q4 revenue increase of 34 per cent from 2008, with earnings for the quarter over $16.5bn

Pfizer, the world's largest pharmaceutical group, has reported a Q4 revenue increase of 34 per cent from 2008 – raising its total reported revenue for the quarter from $12.3bn to over $16.5bn.

The majority of the increase is down to the company's acquisition of Wyeth in October 2009 for $68bn, with sales of legacy Wyeth products adding a further $3.3bn to Pfizer's revenue. Favourable foreign exchange rates and increases in sales of legacy Pfizer products also added to the company's earnings.

Despite the acquisition, the dramatic increase has still comes as a surprise to many, with the Q4 revenue $500m above what financial analysts were expecting.

Jeff Kindler, chairman and CEO of Pfizer, commented on the results: "During the fourth quarter, we closed the Wyeth acquisition and immediately began the integration of our operations, advancing the transformation of the company. We are pleased with the rapid pace of the integration and our ability to quickly realise the benefits of our combined organisation."

Revenue increases for the full year were less remarkable, increasing 4 per cent from 2008 to just over $50bn. There was a net income increase for the year of 7 per cent for 2009 too, rising approximately $500m to $8.6bn.

This includes losses faced by the company following charges of around $900m, associated with the resolution of certain litigation involving Pfizer's non-steroidal anti-inflammatory pain medicines, as well as charges of approximately $2.3bn resulting from a final settlement after the company pleaded guilty to off-label promotional practices for painkiller Bextra, which was taken off the market in 2005 after it was linked to such side effects including cardiovascular events and Stevens Johnson syndrome – a serious allergic skin reaction.

As for 2010, Pfizer have predicted a considerable increase in revenues for the year, with company guidance suggesting a full-year total of $67bn to $69bn.

Frank D'Amelio, chief financial officer, commented on the company's future financial prospects: "Our 2010 financial guidance and 2012 financial targets balance the achievement of our projected cost reductions, including from the integration of Wyeth, with the expected increased investment to drive longer-term, top and bottom line performance. These goals reflect our continued confidence in the business and our ability to capitalise on near- to mid-term growth opportunities through a meaningful reallocation of investment."

4th February 2010

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