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PFIZER REPORTED RECORD FOURTH-QUARTER SALES OF $1.9 BILLION; 1992 NET INCOME WAS $278.8M ($0.83 PER SHARE) VS. $0.9M ($0.00 PER SHARE) IN 1991

 NEW YORK, Jan. 21 /PRNewswire/ -- Pfizer Inc (NYSE: PFE) today reported that net sales for the fourth quarter were $1,947.1 million compared with $1,850.2 million in 1991, a 5 percent increase. Net income for the quarter was $278.8 million ($0.83 per share) compared to $0.9 million in 1991 ($0.00 per share). The previous year's quarter included a $0.58 per share special charge for potential Shiley heart valve fracture claims.
 Reported net sales for the full year 1992 were $7,230.2 million, a 4 percent increase over the $6,950.0 million reported for 1991. Net income for 1992 after the adoption of two new accounting standards of the Financial Accounting Standards Board -- SFAS No. 106 accounting for retiree medical costs and life insurance, and SFAS No. 109 for income taxes -- was $810.9 million, an increase of 12 percent over 1991. Net income before the effect of the two new accounting changes was $1,093.5 million ($3.25 per share), a 51 percent increase over the $722.1 million ($2.13 per share) reported in the previous year.
 These results reflect significant business restructurings over the past two years as well as the adoption of the two new accounting standards in 1992. The following results from ongoing operations exclude: 1) the effects of divested businesses in both years, 2) the one-time adjustments for 1992 resulting from adoption of the new accounting standards discussed above and 3) the special Shiley heart valve provision recorded in 1991. Fourth quarter net sales from ongoing operations were $1,940.8 in 1992, a 24 percent increase over 1991; net income increased 39 percent to $264.8 and earnings per share grew 43 percent to $0.80.
 Full-year net income from ongoing operations in 1992 and 1991 was $1,028.4 million and $880.5 million, respectively, an increase of 17 percent. Earnings per share were $3.06, an 18 percent increase over the $2.60 last year. Net sales grew 16 percent to $6,875.9 from $5,933.2 in 1991.
 William C. Steere, Jr., Pfizer's chairman and chief executive officer, said, "In 1992 we continued to concentrate our focus on healthcare. We sold Coty, a fragrance and cosmetic company, and successfully completed an initial public offering of 60 percent of our specialty minerals business. Since 1988, we have divested or closed 14 businesses with sales of $1.4 billion. Considering this restructuring, we believe it is important to focus on the company's results from ongoing operations, which had a strong 18 percent earnings per share growth over 1991 to $3.06. It is these ongoing operations that should deliver improving trends in sales and profitability."
 Mr. Steere continued, "1992 was an outstanding year for Pfizer. We introduced three significant new pharmaceutical products in the U.S. -- Zoloft, a new generation of antidepressant; Zithromax, an innovative antibiotic for treating respiratory infections; and Norvasc, a novel cardiovascular medication for angina and hypertension. In addition, Procardia XL, our outstanding cardiovascular drug, became our first billion dollar product and Diflucan continues to expand the sales of worldwide antifungal drugs. The strength of these products resulted in the sales of our pharmaceutical business growing 32 percent in the fourth quarter and 21 percent for the full year."
 Pfizer's health care segment led the company's sales growth from ongoing operations in the fourth quarter with an increase of 28 percent. Within this segment pharmaceutical sales increased 32 percent and hospital products sales increased 13 percent. The three other business segments also reported sales gains from ongoing operations in the quarter: animal health, 11 percent, specialty chemicals, 6 percent and consumer health care's sales, 1 percent.
 As previously indicated, Pfizer adopted two new accounting standards issued by the Financial Accounting Standards Board covering accounting for postretirement medical and life insurance benefits (SFAS No. 106) and income taxes (SFAS No. 109) in the fourth quarter. These new standards required a restatement of all previously published quarters in 1992. Adoption of these standards resulted in a one-time charge to net income of $282.6 million in the first quarter of 1992. The SFAS No. 106 liability was subsequently reduced as a result of divestitures and the resulting gains included in operating income -- $17.0 million for Shiley product lines (first quarter 1992), $21.7 million for Coty (second quarter 1992) and $17.8 million for Specialty Minerals (fourth quarter 1992).
 Pfizer Inc is a diversified, research-based health care company with global operations.
 -0- 1/21/93
 /CONTACT: A. A. Biesada, 212-573-2055, or Rick Honey, 212-573-2051, both of Pfizer/
 /FIRST AND FINAL ADD -- TABULAR MATERIAL -- TO FOLLOW/
 (PFE)


CO: Pfizer Inc ST: New York IN: MTC SU: ERN

GK -- NY086 -- 7617 01/21/93 16:37 EST
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Publication:PR Newswire
Date:Jan 21, 1993
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