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news.Pfizer has revealed that its first-quarter profits have fallen 87% compared to last year following a number of additional expenses, including a $766 million charge for the recent withdrawal of the arthritis drug, Bextra.
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Pfizer’s first-quarter net income was $301 million, or 4 cents a share, compared to $2.33 billion, or 30 cents a share, last year.
Revenues for the first quarter of 2005 grew 5% to $13.1 billion, compared to the first quarter of 2004, reflecting strong performances by Lipitor and Zithromax in particular, although growth was offset by sales declines for Celebrex and Bextra, as well as recent generic competition in the US against Neurontin, Diflucan, and Accupril.
The company has also reduced its 2005 outlook, forecasting adjusted diluted earnings per share of around $1.98 per share, compared to the $2 per share projected at the start of April. The company said it expects 2005 income to be approximately $14.7 billion and reported diluted earnings per share of around $1.04 per share.