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.