Pfizer profits increase after Wyeth purchase
Pfizer's fourth-quarter 2009 revenues rose by 34% to US$16.5bn from US$12.3bn, helped by the US$68bn acquisition of Wyeth, which was completed on 15 October. For full-year 2009 revenues were US$50bn, an increase of 4%.
Pfizer's fourth-quarter 2009 revenues rose by 34% to US$16.5bn from US$12.3bn, helped by the US$68bn acquisition of Wyeth, which was completed on 15 October. For full-year 2009 revenues were US$50bn, an increase of 4%.
Profit in the fourth quarter nearly doubled to US$767m compared with US266m for the same period in 2008, when results were hit by a US$2.3bn legal settlement relating to the marketing of the Bextra painkiller.
For the full year, Pfizer posted a 7% increase in net profit to US$8.6bn from US$8bn.
The pharmaceutical company embarked on a cost-cutting programme in January 2009 that is expected to achieve cost savings of approximately US$3bn. Additionally, as a result of the Wyeth acquisition, Pfizer expects to generate synergies of approximately US$4bn.
The company has already said that it will reduce costs by cutting 19,000 jobs and closing manufacturing plants and six research and development centres.
Jeff Kindler, Pfizer's chairman and chief executive said he was pleased with the "rapid pace" of the integration of Wyeth and the company's ability to "quickly realise" the benefits of the combined organisation.
"We remain excited about our more diverse in-line product and pipeline portfolio, which we expect will result in improved opportunities for the company in 2010 and beyond," he added.
The company predicts lower-than-expected earnings for 2010.
Pfizer has also lowered its guidance for 2012, when the patent to its best-selling cholesterol drug Lipitor expires.
Sales of Lipitor rose 1% to US$3.18bn in the fourth quarter of 2009, but decreased by 8% to US$11.4bn for the full year.
