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Pfizer third quarter results drop 70 per cent

Pfizer third quarter results show a decrease of 70 per cent against the same quarter in 2009 reflecting merger expenses and other charges

Pfizer third quarter results show a net income of $866m, a decrease of 70 per cent against $2.9bn in the same quarter in 2009. The results reflect merger-related expenses and other charges that have negatively impacted on the company's revenues.

Looking at the long-term objectives, Jeff Kindler, Pfizer chairman and CEO, said: "It's been just over a year since the closing of the Wyeth acquisition. I am particularly pleased with the speed of the integration, the cost synergies achieved to date as well as our solid financial performance this quarter and year-to-date in this difficult economic environment. This combination is clearly creating opportunities to provide greater value for our shareholders.

"We continue to carefully evaluate and make prudent capital allocation decisions. We recently announced several business development transactions that we believe will enhance shareholder value by enabling continued growth in several of our business units.

"Our pending acquisition of King Pharmaceuticals, Inc. is consistent with our stated objective of seeking a larger presence in the pain market within the Primary Care unit, while our acquisition of FoldRx enhances the orphan and rare disease pipeline portfolio of our Specialty Care unit.

"Further, our alliance with Biocon is expected to advance our biosimilars strategy by positioning us competitively in the diabetes market over time, while our agreement with Laboratorio Teuto Brasileiro SA is expected to broaden our emerging markets presence. Also, we are reviewing strategic alternatives for Capsugel in order to optimise the value of this asset. We believe these actions, taken together, will serve to improve our business profile and provide both near-term and longer-term financial benefit," continued Mr Kindler.

For the first nine months of 2010, Pfizer posted reported net income of $5.4bn, a decrease of 32 per cent compared with $7.9bn in the first nine months of 2009, and reported diluted EPS of $0.66, a decline of 43 per cent, compared with $1.16 in the prior-year period.

3rd November 2010

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