Mining Companies Income Report : Pfizer Income Increased To $2.88 Billion Q4 Results
Feb/03/2010 | Under Commodity Prices - Companies - Trade & Market
For the third quarter, Pfizer’s net income increased to $2.88 billion or $0.43 per share from $2.28 billion or $0.34 per share in the year-ago period, driven by lower one-time charges as well as cost-reduction initiatives. Quarterly revenues dropped 3% to $11.62 billion from $11.97 billion in the comparable quarter last year.
In the fourth quarter of 2008, Pfizer reported net income of $266 million or $0.04 per share. The company’s reported revenues were $12.346 billion. The results were impacted by a $2.3 billion charge resulting from an agreement in principle with the Office of Michael Sullivan, the United States Attorney for the District of Massachusetts, to resolve investigations regarding allegations of past off-label promotional practices concerning Bextra, as well as other open investigations. The results also included $700 million after-tax associated with cost-reduction initiatives. Adjusted net income for the quarter was $4.389 billion or $0.65 per share.
For 2008, the drug maker earned $8.104 billion or $1.20 per share on revenues of $48.296 billion. Pharmaceutical revenues were $44.174 billion in 2008, and revenue from Animal Health amounted to $2.825 billion.
While announcing the third-quarter results, Pfizer lifted its fiscal 2009 financial guidance to reflect the acquisition of Wyeth. The company had then forecast 2009 earnings in the range of $1.45-$1.50 per share, compared to the prior guidance range of $1.30 to $1.45 per share. Adjusted earnings are projected to be in a range of $2.00-$2.05 per share, higher than previous range of $1.90 to $2.00 per share. Pfizer expects full-year revenues in the range of $49.0 billion-$50.0 billion, compared to the previous guidance of $45.0 billion-$46.0 billion.
For full year 2009, analysts look for earnings of $2.03 per share on revenues of $49.12 billion.