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news.Pfizer has reported a net income of $2.73 billion, or $0.40 diluted earnings per share for the first quarter of 2009, a decline of 2%, compared to $2.78 billion, or $0.41 diluted earnings per share for the first quarter of 2008.
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The company has reported net revenues of $10.9 billion for the first quarter of 2009, a decrease of 8%, compared to $11.85 billion for the first quarter of 2008.
First-quarter 2009 results were unfavorably impacted by the decrease in total revenues and other income, the increase in the effective tax rate as well as costs incurred in connection with the pending Wyeth acquisition, the company said.
Jeff Kindler, chairman and CEO of Pfizer said: “During the quarter, we continued our ongoing efforts to reshape our operating model, made substantial progress in planning for the Wyeth integration, and faced a challenging and dynamic economic and competitive environment.
“Yet, we remained focused on meeting our commitments – generating revenues consistent with our expectations and continuing to streamline our cost structure. We remain on-track to deliver on our full-year 2009 guidance for revenues and adjusted results.”