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Pfizer revenue increase for 2010

Pfizer has announced an increase in revenue of 36 per cent for 2010, reflecting sales of drugs acquired after the company's takeover of Wyeth

Pfizer announced today its financial results for the fourth quarter of 2010, as well as full financial results for the year.

Full year revenue was up by 36 per cent, with the company bringing in $67.8bn over 2010. Recent sales increased too, with revenue for the fourth quarter of 2010 at $17.56bn.

Net income for the fourth quarter period was also up, rising by 277 per cent to $2.8bn.

The dramatic increase is due to extra revenue from products acquired from Wyeth, as well as 2009 results being affected by costs related to Pfizer's takeover of the company.

Pfizer was cautious in its outlook for the future however, with revenue targets for 2010 falling from between $65.2bn and $67.7bn to between $63bn and $65.5bn.

"After evaluating our operating plans and capital allocation opportunities," said Ian Read, president and CEO, Pfizer, "we have adjusted our 2012 revenue target to exclude the projected contribution from future business development transactions and have reallocated funding to support an attractive, near-term opportunity to significantly increase our share repurchase activity."

Read continued: "In addition, during 2011 we expect to complete our ongoing review of the composition of our business portfolio to determine the optimal mix of businesses that we can appropriately fund and manage in order to achieve consistent growth and maximum return on investment. We believe these decisions, taken together, will continue to improve our business profile and provide both near-term and longer-term financial benefit."

Pfizer also announced today the closure of its plant in Kent, England, with 2,400 jobs to be cut.

1st February 2011

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