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Pfizer earnings decline as Novasc, Zoloft sales dip.

Pfizer Earnings Decline as Novasc, Zoloft Sales Dip. Pfizer Inc. (New York), the world's largest drugmaker, lowered its 2007 forecast after earnings fell 18% on eroding sales of two of its best-selling medications, the antidepressant Zoloft and Norvasc for blood pressure. First-quarter net income declined to $3.4 billion, or 48 cents per share, from $4.1 billion, or 56 cents, a year earlier. Profit excluding certain special items, totaled 68 cents per share, beating analysts' estimates. Revenue this year will amount to $1.2 billion less than Pfizer projected after an adverse court ruling accelerated generic competition to Norvasc, and sales of the inhaled insulin treatment Exubera missed targets. Zoloft also faces generic rivals. Pfizer said it is cutting 10% of its workforce by 2008 to offset the lost revenue. Revenue in the latest quarter rose 6% to $12.5 billion on higher drug prices and an 8% jump in sales of its top-selling drug, the Lipitor cholesterol pill. Net income this year will fall to $1.30 to $1.41 per share from $2.66, before Pfizer sold its consumer unit, the company said. Pfizer shares closed the week up 30 cents at $26.97.
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Title Annotation:TOP STORIES
Publication:MondayMorning
Article Type:Brief article
Date:Apr 23, 2007
Words:197
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