Pfizer shows dynamic growth in 2001

Pfizer increased its operating profit by 21% to US$2.1bn (€2.4bn) in the fourth quarter of 2001. The company believes that it can maintain this high growth for the next few years, and for 2002 Pfizer is holding out the prospect of earnings per share of $1.56-1.60, which would correspond to a growth of at least 19%. Further ahead, for 2003 and 2004, growth rates of 15% upwards are being mooted.

The large increases are partly thanks to cost savings from the merger with Warner-Lambert, which raised the result before tax by $1.4bn (€1.6bn) in the past year alone. Pfizer is also showing high growth in its net profits. In the final quarter of 2001, turnover rose by 12% to $9.03bn (€10.3bn. The turnover of Lipitor alone grew by 31% to $1.9bn (€2.17bn). The cholesterol-lowering drug was the best-selling drug in the world last year, with sales of $6.4bn (€7.3bn). Pfizer markets eight of the 30 best-selling drugs in the world. In all, Pfizer had net profits last year of $32.3bn (€36.85bn), 10% higher than the previous year.

Hank McKinnell, chairman and ceo, said: '2001 was another outstanding year. Pfizer's strong operational momentum continues. 'Earnings were propelled by the quarter's double-digit revenue growth, which was the company's highest of the year. Performance drivers included record r&d investments, a robust development pipeline, outstanding current products, superior sales and marketing capabilities, and continuing productivity initiatives.

'We invested an industry-leading $4.8bn (€5.48bn) in r&d in 2001, and we are exceptionally well positioned to deliver continued strong results in 2002 and beyond,' he said.