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news.Pfizer has reported Q4 and full-year 2005 financial results that, although revealing a drop in profits, have beaten analyst estimates, sending the company's stock up by around 4% following the announcement.
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Pfizer’s net income for Q4 2005 fell 3% to $2.7 billion, compared to Q4 2004, with revenue for the quarter down 9% compared to the previous year. However, excluding one-time charges, reported Q4 earnings of 51 cents per share beat analyst estimates of 42 cents per share, causing the company’s share price to rise.
Pfizer chairman and CEO Hank McKinnell said there were two primary drivers for Pfizer’s better-than-expected performance in the quarter: better revenue performance in the human health business and accelerated cost savings.
For full-year 2005, loss of exclusivity in the US of certain key medicines, uncertainty related to Celebrex, and the suspension of Bextra sales cumulatively reduced 2005 worldwide revenue by $5.7 billion. As a result, total Pfizer Human Health revenue declined $1.8 billion, or 4%, for full-year 2005 compared to full-year 2004.
Excluding the major medicines that lost exclusivity in the US in 2004 and 2005 and the selective COX-2 inhibitors, Human Health adjusted full-year revenues grew 11% worldwide and 10% in the US compared to 2004.