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PFIZER'S REPORTED NET INCOME ROSE 8 PERCENT ON A 3 PERCENT SALES GAIN IN THE THIRD QUARTER

 PFIZER'S REPORTED NET INCOME ROSE 8 PERCENT
 ON A 3 PERCENT SALES GAIN IN THE THIRD QUARTER
 NEW YORK, Oct. 13 /PRNewswire/ -- Pfizer Inc (NYSE: PFE) today reported that sales for the third quarter were $1,827.6 million compared with $1,773.0 million in 1991, a 3 percent increase. Net income for the quarter was $297.5 million, an 8 percent increase over the $274.7 million the previous year. Earnings-per-share increased 9 percent to $0.88 from $0.81 in 1991.
 These financial results reflect significant divestments and business closures over the past two years. Excluding businesses sold or closed from both 1991 and 1992, sales from ongoing operations in the third quarter increased 16 percent and net income increased 19 percent. Especially significant to the quarter's results was the June 1992 sale of Coty, a fragrance and cosmetics business. For 1991, Coty's net income was $24 million, substantially all of which was earned in the third quarter. This was the equivalent of $0.07 per share.
 All of Pfizer's business segments reported sales gains from ongoing operations in the quarter: health care, 19 percent; consumer health care, 2 percent; animal health, 2 percent and specialty chemicals and minerals, 12 percent. Within the health care segment, pharmaceutical sales increased 21 percent and hospital products sales increased 12 percent.
 Reported results for the first nine months of 1992 were sales of $5,283.1 million, a 4 percent increase over the $5,099.8 million reported for 1991. Net income was $796.4 million, a 10 percent increase over the $721.2 million the previous year. Year-to-date earnings per share were $2.36, an 11 percent increase over the $2.13 reported last year. Nine-month results from ongoing operations showed a sales gain of 13 percent, a net income gain of 12 percent and an earnings per share increase of 13 percent.
 William C. Steere, Jr., Pfizer's chairman and chief executive officer, said, "During the quarter Pfizer received marketing approval in the United States for Norvasc, our new cardiovascular drug indicated for both angina and hypertension. This will be the third major new pharmaceutical product we have introduced in the U.S. this year. The others are, Zoloft, a major advance in treating depression, and Zithromax, a novel antibiotic taken only once a day for five days, a new standard for the treatment of respiratory infections. The successful introduction of these products throughout the world is the culmination of years of research-and-development effort and investment."
 Mr. Steere continued, "Since 1988 we have divested or closed 13 businesses with sales of more than $1 billion. We are now positioned to focus on our strengths -- discovering, developing and marketing innovative new health care products worldwide in all our businesses."
 Pfizer Inc is a diversified, research-based health care company with global operations. The company reported sales of approximately $6.95 billion for 1991.
 To provide a clearer understanding of the company's underlying business trends, Pfizer has included financial results of its ongoing operations (Attachment 1) in addition to its reported results (Attachment 2).
 ATTACHMENT 1:
 ONGOING OPERATIONS
 PFIZER INC. AND SUBSIDIARY COMPANIES
 Condensed Consolidated Statement of Income 1992/1991
 (millions of dollars except per share data)
 (unaudited)
 Third Quarter Pct. Nine Months Pct.
 1992 1991 Growth 1992 1991 Growth
 Net sales $1,822.3 $1,569.3 16 $5,227.0 $4,626.7 13
 Operating costs and
 expenses
 Cost of goods sold 516.2 466.5 11 1,470.3 1,376.1 7
 Marketing, distribution
 & administrative
 expenses 690.6 600.5 15 2,054.6 1,772.9 16
 Research and
 development exps. 212.8 173.5 23 612.7 514.1 19
 Income from opers. 402.7 328.8 22 1,089.4 963.6 13
 Interest income 46.0 46.9 (2) 137.4 143.8 (4)
 Interest expense (23.3) (32.0) (27) (78.1) (92.9) (16)
 Other income 2.7 6.7 (60) 17.1 21.1 (19)
 Other deductions (26.0) (27.0) (4) (89.1) (77.2) 15
 Non-operating
 income (deductions)
 - net (.6) (5.4) (89) (12.7) (5.2) 144
 Income before provision
 for taxes on income and
 minority interests 402.1 323.4 24 1,076.7 958.4 12
 Provision for taxes
 on income 104.4 72.3 44 279.9 246.9 13
 Income before minority
 interests 297.7 251.1 19 796.8 711.5 12
 Minority interests .4 .6 (33) .9 2.5 (64)
 Net income $ 297.3 $ 250.5 19 $ 795.9 $ 709.0 12
 Earnings per common
 share $ .88 $ .74 19 $ 2.36 $ 2.09 13
 A) -- For the periods ended Sept. 27, 1992 and Sept. 29, 1991. Subsidiaries operating outside the United States are included on the basis of interim periods ended Aug. 23, 1992 and Aug. 25, 1991.
 B) -- On an ongoing basis, sales gains were as follows:
 Third Quarter Nine Months
 (Percent) (Percent)
 Health Care 19 16
 Pharmaceuticals 21 17
 Hospital Products 12 9
 Consumer Products 2 2
 Animal Health 2 5
 Specialty Chemicals
 and Minerals 12 8
 C) -- Businesses divested or closed since 1988 are as follows:
 Date sold Approx. Last
 closed Full Year Sales
 (million of dollars)
 1/88 Specialty Metals $ 40
 6/88 Canadian Crop Protection 55
 12/88 United Medical 15
 4/89 Valleylab Infusion 15
 1/90 Pigments 115
 1/90 DeKalb Pfizer Genetics (equity investment)
 12/90 Citric Acid business 180
 6/91 Penicillin business 25
 8/91 Pfizer Laser Systems 3
 10/91 Deknatel 85
 12/91 Oral Care International 70
 2/92 Shiley assets 185
 6/92 Coty 280
 Total Sales $1,068
 D) -- The results of operations for the interim periods ended Sept. 27, 1992, are not necessarily indicative of the results which ultimately might be achieved for the current year.
 ATTACHMENT 2:
 AS REPORTED
 PFIZER INC. AND SUBSIDIARY COMPANIES
 Condensed Consolidated Statement of Income 1992/1991
 (millions of dollars except per share data)
 (unaudited)
 Third Quarter Pct. Nine Months Pct.
 1992 1991 Growth 1992 1991 Growth
 Net sales $1,827.6 $1,773.0 3 $5,283.1 $5,099.8 4
 Operating costs and
 expenses
 Cost of goods sold 521.5 544.1 (4) 1,501.9 1,587.5 (5)
 Marketing, distribution
 & administrative
 expenses 690.3 675.9 2 2,080.4 1,985.7 5
 Research and
 development exps. 212.8 179.6 18 614.6 533.9 15
 Divestitures,
 restructuring and
 unusual items - - - (56.5) - -
 Income from opers. 403.0 373.4 8 1,142.7 992.7 15
 Interest income 46.0 47.0 (2) 137.4 144.1 (5)
 Interest expense (23.3) (32.1) (27) (78.1) (93.5) (16)
 Other income 2.7 7.8 (65) 17.9 23.8 (25)
 Other deductions (26.0) (32.2) (19) (90.2) (89.1) 1
 Non-operating
 income (deductions)
 - net (.6) (9.5) (94) (13.0) (14.7) (12)
 Income before
 provision for taxes
 on income and
 minority interests 402.4 363.9 11 1,129.7 978.0 16
 Provision for taxes
 on income 104.6 88.5 18 332.5 254.3 31
 Income before minority
 interests 297.8 275.4 8 797.2 723.7 10
 Minority interests .3 .7 (57) .8 2.5 (68)
 Net income $ 297.5 $ 274.7 8 $ 796.4 $ 721.2 10
 Earnings per common
 share $ .88 $ .81 9 $ 2.36 $ 2.13 11
 A) -- For the periods ended Sept. 27, 1992 and Sept. 29, 1991. Subsidiaries operating outside the United States are included on the basis of interim periods ended Aug. 23, 1992 and Aug. 25, 1991.
 B) -- On a reported basis, sales gains/(declines) were as follows:
 Third Quarter Nine Months
 (Percent) (Percent)
 Health Care 13 9
 Pharmaceuticals 21 17
 Hospital Products (14) (16)
 Consumer Products (54) (37)
 Animal Health 2 5
 Specialty Chemicals
 and Minerals 8 4
 C) -- Operating income for the first nine months of 1992 includes a restructuring credit of $56.5 million ($3.0 million after-tax gain) relating to the divestiture and restructuring of certain of the company's businesses. In June 1992, the company sold its Coty line of fragrances and cosmetics for gross proceeds of approximately $440 million, resulting in a pre-tax gain of $258.6 million. The gain was offset by $202.1 million of charges associated with the restructuring, consolidation and streamlining of certain businesses. The nine months 1992 figures include the operations of Coty for the first three months of 1992 only.
 D) -- The results of operations for the interim periods ended Sept. 27, 1992, are not necessarily indicative of the results which ultimately might be achieved for the current year.
 -0- 10/13/92
 /CONTACT: A.A. Biesada, 212-573-2055, or Rick Honey, 212-573-2051, both of Pfizer/
 (PFE) CO: Pfizer Inc ST: New York IN: MTC SU: ERN


PS -- NY085 -- 9556 10/13/92 17:22 EDT
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