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Pfizer posts a rise in revenues

Pfizer has posted revenues of $12.1bn for the second quarter of 2008, an increase of 9 per cent on the $11.1bn in the same quarter in 2007
Pfizer has posted revenues of $12.1bn for the second quarter of 2008, an increase of 9 per cent on the $11.1bn in the same quarter in 2007, and a 119 per cent increase in income for the period.

The company's net income rose from $1.3bn in the second quarter of 2007 to $2.8bn in 2008 and diluted earnings per share rose by 128 per cent from $0.18 in 2007 to $0.41. Pfizer's net income for the first half of the 2008/09 fiscal year are now recorded at $5.6bn, an increase of 19 per cent from $4.7bn posted for the same period in 2007.

According to Pfizer, the boost in financial results announced in July 2008 is the result of the favourable impact of foreign exchange and lower restructuring charges associated with cost-reduction initiatives, chiefly employeeñrelated costs.

"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 business," said Jeff Kindler, chairman and chief executive of Pfizer. "Many of our key products continued to perform well both in the US and international markets, including Lyrica, Celebrex, Viagra and Geodon, as well as Lipitor in the face of a highly competitive statin market."

Frank D'Amelio, chief financial officer of Pfizer, said: "Given the continued strength of our balance sheet and significant operating cash flow, we remain confident that we have the financial wherewithal to successfully execute our strategies and continue to meet our financial objectives."

Despite the strong second quarter performance, US revenues of Pfizer's smoking cessation drug, Chantix, which is known as Champix outside the US, fell by 35 per cent to $109m for the second quarter. In January, the company had to update safety information on the drugís labelling to warn patients of side effects such as depression, suicidal thoughts and agitation. Poor performance of Chantix attributed to a 2 per cent downturn in Pfizer's US sales for the second quarter of 2008.

23rd July 2008

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