Pfizer surges ahead
Pfizer has reported that fourth-quarter revenues grew 14% to $9.333bn (Euro 8.58bn), while reported net income increased 46% to $2.856bn (Euro 2.62bn). For 2002, revenues grew 12% to $32.373bn (Euro 29.78bn), and full-year reported net income grew 17% to $9.126bn.
'By every measure, 2002 was another outstanding year for Pfizer,' said Hank McKinnell, chairman and ceo. 'Thanks to the hard work and talent of the people within Pfizer, we achieved double-digit revenue growth, and even stronger earnings growth, while continuing to fund the world's largest private discovery and development efforts seeking new and better prescription medicines.
'On a stand-alone basis, we are exceptionally well positioned to maintain our strong momentum in 2003 and beyond. The acquisition of Pharmacia will give us an even stronger global platform for discovering, developing, manufacturing, and marketing innovative medicines and consumer products.'
Revenue growth was led by the company's human pharmaceutical operations, which achieved fourth-quarter revenues of $8.253bn (Euro 7.59bn) (up 15%) and full-year revenues of $28.288bn (Euro 26.02bn) (up 12%).
Karen Katen, executive vice president of the company and president of Pfizer Pharmaceuticals group, said: 'For the year, ten products that Pfizer markets or co-promotes achieved sales of over $1bn. Each of these billion-dollar medicines - Lipitor, Norvasc, Zoloft, Neurontin, Viagra, Zithromax, Celebrex, Zyrtec, Diflucan, and Aricept - are among the leaders in their individual therapeutic categories. These products represented 85% of Pfizer's human pharmaceutical revenues and grew 15% in 2002.
The performance of Pfizer's pharmaceutical business was also geographically balanced. The US, Japan, Germany, the UK, Spain, and Canada all delivered double-digit revenue growth for the year.
The company is in the process of delivering six new products in the US and/or the European Union: Vfend, Geodon, Bextra (discovered and developed by Pharmacia), Spiriva (discovered and developed by Boehringer Ingelheim), Relpax, and Rebif (discovered and developed by Serono), and expects to complete regulatory filings in 2003 for Lipitor/Norvasc dual therapy and for pregabalin in neuropathic pain, epilepsy, and generalised anxiety disorder.
Advanced-stage clinical studies are continuing for several agents, including indiplon for insomnia; Macugen for macular degeneration; capravirine for HIV/AIDS; lasofoxifene for osteoporosis and other indications; CP-526,555 for smoking cessation; and Exubera, an inhalable form of insulin under co-development, co-manufacture, and co-marketing with Aventis, with the participation of Nektar Therapeutics (formerly known as Inhale Therapeutic Systems).
Dr McKinnell concluded: 'Pfizer enters 2003 with our business fundamentals in excellent shape. Pfizer will continue to expand its efforts - on a global basis - to provide medicines to those in need.'