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PFIZER REPORTS 1991 EARNINGS OF $2.13 PER SHARE, WHICH REFLECTS A $0.58 CHARGE FOR FUTURE SHILEY HEART VALVE FRACTURE CLAIMS

 PFIZER REPORTS 1991 EARNINGS OF $2.13 PER SHARE, WHICH REFLECTS
 A $0.58 CHARGE FOR FUTURE SHILEY HEART VALVE FRACTURE CLAIMS
 NEW YORK, Jan. 24 /PRNewswire/ -- Pfizer Inc (NYSE: PFE) today reported full-year 1991 earnings of $2.13 per share, which reflects a $0.58 charge for future Shiley Convexo/Concave (C/C) heart valve fracture claims. In a separate release issued today, Pfizer also reported reaching an agreement for settlement of functioning C/C valve claims.
 Henry A. McKinnell, chief financial officer, explained, "In the past, the company established reserves when C/C valve fractures occurred. The company believes that it is now appropriate to establish a reserve for projected compensation payments in connection with potential future fractures of C/C heart valves. As a result, a pre-tax provision in the amount of $300 million ($195 million after-tax) was made in the fourth quarter of 1991. This reduces earnings per share for the fourth quarter and the full year by $0.58. This charge is not dependent on the final outcome of the settlement agreement on functioning C/C valve claims that was also reported today and which is explained in a separate press release."
 Excluding this one-time charge, Pfizer's net income for the quarter increased 27 percent on a sales gain of 4 percent.
 Worldwide sales for the quarter were $1,850.2 million, compared to $1,785.3 million in 1990. Net income for the quarter was $0.9 million, including the heart-valve charge of $195 million, compared to $154.8 million the previous year.
 Earnings per share, excluding the charge, were $0.58, an increase of 26 percent over 1990's $0.46. Including the heart-valve charge of $0.58 per share, reported fourth-quarter earnings per share were zero.
 Pfizer's health care business segment reported a 9 percent sales gain for the quarter. Sales decreases were reported for consumer products, 4 percent; and animal health, 4 percent. Specialty chemicals and minerals sales, excluding the divested citric acid business, declined 4 percent. Within the health care segment, pharmaceutical sales increased 12 percent and hospital products rose 2 percent.
 For the full year 1991, sales were $6,950.0 million, an 8 percent increase over the $6,406.0 million reported for 1990. Net income and earnings per share were $722.1 million and $2.13, a decrease of 10 percent and 11 percent, respectively, compared to 1990's $801.2 million and $2.38. Excluding the $195 million after-tax charge for future heart valve fractures, 1991 net income and earnings per share were $917.1 million and $2.71, respectively, both increasing 14 percent over 1990.
 William C. Steere Jr., president and chief executive officer, said: "The strength of 1991 and the momentum for the rest of the decade are clearly in our new product flow. After only 27 months on the market, our cardiovascular drug Procardia XL is now our largest-selling product and the fourth largest-selling pharmaceutical in the United States. In addition, we are very pleased by Diflucan's performance. It is already the number one systemic antifungal worldwide and Diflucan is increasingly being recognized for its unique combination of efficacy and safety."
 Steere added, "We believe that the continued success of these products combined with the ongoing rollout of our new drugs Norvasc, Zoloft, Zithromax, Reactine and exciting new products in our consumer, animal health, minerals and 'lite' foods businesses will provide the source of Pfizer's growth for the next several years."
 Pfizer Inc is a diversified, research-based health care company with businesses in pharmaceuticals, hospital products, consumer products, animal health, and specialty chemicals and minerals.
 PFIZER INC. AND SUBSIDIARY COMPANIES
 Condensed Consolidated Statement of Income 1991/1990
 (Unaudited, in millions of dollars except per share data)
 Fourth Quarter Percent Full Year Percent
 1991 1990 Growth 1991 1990 Growth
 Net sales $1,850.2 $1,785.3 4 $6,950.0 $6,406.0 8
 Operating costs
 and expenses:
 Cost of goods sold 613.1 654.2 (6) 2,200.6 2,259.4 (3)
 Marketing, distr.
 & admin.
 expenses 753.4 718.1 5 2,739.1 2,452.7 12
 Special charge 300.0 -- -- 300.0 -- --
 R&D expenses 222.9 202.4 10 756.8 640.1 18
 Income from opers. (39.2) 210.6 -- 953.5 1,053.8 (10)
 Interest income 49.7 49.7 0 193.8 193.7 0
 Interest expense (36.6) (36.6) 0 (130.1) (132.5) (2)
 Other income 22.9 13.3 72 46.7 68.7 (32)
 Other deductions (31.1) (23.9) 30 (120.2) (80.4) 50
 Non operating income
 (deductions) - net 4.9 2.5 96 (9.8) 49.5 --
 Income before prov.
 for taxes on income
 & minority ints. (34.3) 213.1 -- 943.7 1,103.3 (14)
 Provision for taxes
 on income (35.9) 57.5 -- 218.4 297.9 (27)
 Income before
 minority interests 1.6 155.6 (99) 725.3 805.4 (10)
 Minority interests .7 .8 (13) 3.2 4.2 (24)
 Net income .9 154.8 (99) 722.1 801.2 (10)
 Earnings per
 common share 0 $.46(A) -- $2.13 $2.38(A) (11)
 (A) -- Restated for the first quarter 1991 2-for-1 stock split.
 1. Subsidiaries operating outside the United States generally are included on a fiscal year basis ending Nov. 30.
 2. Fourth quarter and full year 1991 earnings were reduced by a charge of $300 million ($195.0 million after applicable tax benefits) for future expenditures in connection with Shiley Convexo/Concave heart valve fracture claims. This decreased earnings per common share for both the fourth quarter and the full year by 58 cents.
 3. Other income for the fourth quarter and full year 1991 included a pre-tax gain of $18.1 million due to the settlement of patent infringement suits.
 4. Other income for the full year 1990 included a pre-tax gain of approximately $39.0 million resulting from the sale of the company's interest in the DeKalb-Pfizer Genetics seed partnership.
 -0- 1/24/92
 /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


GK-TS -- NY010 -- 3132 01/24/92 08:55 EST
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Date:Jan 24, 1992
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