Data provided by iNet BFA
Loading...
See More

Pfizer profits jump on asset sale gain

Jan 29 2013 20:15 AFP

Related Articles

Pfizer pulls false Centrum vitamin claims

Nestlé to buy Pfizer baby food unit

Cipla Medpro expects profit hike

GSK offers rebate if rival drug is better

Pfizer withdraws life-threatening drug

Court opens door for Viagra generics

 

New York - The world's biggest pharmaceutical company, Pfizer, reported Tuesday a big jump in fourth-quarter earnings as cost-cutting efforts plus a gain from an asset sale helped offset the loss of exclusivity of a blockbuster cholesterol drug.

Pfizer reported fourth-quarter net income of $6.3bn, up from $1.4bn in the year-earlier period. The results included a $4.8bn gain from the sale of the Nutrition business to Nestle.

However, Pfizer continued to feel the effects of the loss of exclusivity of its popular Lipitor anti-cholesterol drug. Fourth-quarter revenue fell seven percent compared with last year's level to $15.1bn.

Pfizer's adjusted net income, which excludes one-time items such as the Nestle deal, fell seven percent from the year-earlier period to $3.5bn.

The pharma giant pointed to a number of promising new drugs that are at various stages of the developmental pipeline. These include the 2013 launches of Xeljanz, which treats rheumatoid arthritis, and Eliquis for the prevention of strokes.

"Overall, I am pleased with our 2012 financial performance, our recent product approvals and our expense reductions," said chief financial officer Frank D'Amelio.

In early 2011, Pfizer undertook a reorganization of its research activities and eliminated some activities that were seen as ancillary. The company spent less than a year earlier on promotional programs and some corporate functions.

Pfizer also is studying a potential public offering of up to a 19.8% stake in its Zoetis unit, an animal health division.

Pfizer offered 2013 guidance of $56-$58.2bn in revenue, compared with the 2012 level of $59bn, and adjusted diluted earnings per share of $2.20-$2.30, compared with $1.94 in 2012.

Pfizer shares were up 0.8% in pre-market trading.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

pfizer
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

Where can you stash your cash?

Fin24 user Tinashe Guramatunhu presents a review of the best way to invest a windfall or bonus.

 
 

Start saving...

Where can you stash your cash?
Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...