The New York Times-20080124-Pfizer Profit Beats Forecasts

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Pfizer Profit Beats Forecasts

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Pfizer Inc. said Wednesday that its fourth-quarter profit fell 70 percent from results a year ago that included gains on the sale of its consumer health business.

Its adjusted profit and sales both topped Wall Street expectations, and Pfizer, which makes the top-selling drug Lipitor, raised its revenue outlook for the 2008 fiscal year.

Net income fell to $2.88 billion, or 42 cents a share, from $9.45 billion, or $1.32 a share, a year ago, which included divestiture gains of $1.11 a share. Excluding items, net income in the latest period totaled $3.6 billion, or 52 cents a share.

Revenue climbed 4 percent to $13.07 billion, from $12.6 billion in the 2006 period, as international sales -- aided by a weaker dollar -- helped offset the loss of patent protection on the blood pressure drug Norvasc and the antidepressant Zoloft.

The results beat expectations of analysts polled by Thomson Financial, who had forecast fourth-quarter profit of 47 cents a share on $12.19 billion in revenue.

Pfizer shares rose 63 cents to $22.86.

Sales of its cholesterol drug Lipitor rose 3 percent to $3.4 billion, as the weaker dollar helped offset slower United States sales.

Wall Street had expected revenue to be driven by Lipitor sales and contributions from several newer drugs. Pfizer said fourth-quarter sales of the smoking cessation drug Chantix surged to $280 million from $68 million a year ago; sales of the pain treatment Celebrex rose 18 percent to $637 million; and sales of the kidney cancer drug Sutent jumped 75 percent to $182 million.

In 2007, Pfizer earned $8.3 billion, or $1.20 a share, compared with 2006 profit of $19.34 billion, or $2.66 a share. Revenue rose 1 percent to $48.61 billion, from $48.37 billion in 2006.