Tallahassee, FL 11/1/11 (StreetBeat) --Pfizer Inc. (NYSE: PFE) reported better-than-expected quarterly results, helped by sales growth of its prescription drugs in emerging markets and its animal health, nutritionals and consumer healthcare products. International revenues, which account for 60% of Pfizer’s sales, also grew by 15% year-on-year, while US sales declined by 3%.The world's biggest drugmaker said on Tuesday it earned $3.74 billion, or 48 cents per share in the third quarter, including a $1.3 billion after-tax gain on the recent sale of its Capsugel business. That compared with a profit of $866 million, or 11 cents per share, in the year-earlier period, when the company took a big charge for asbestos litigation.
Excluding special items, Pfizer earned 62 cents per share. Analysts on average expected 56 cents per share, according to Thomson Reuters I/B/E/S.
Global revenue rose 7 percent to $17.19 billion, well above Wall Street expectations of $16.42 billion.
“Overall, I am very pleased with our financial performance despite the impact of product losses of exclusivity totalling approximately $950m this quarter and the challenges posed by current global market and economic conditions,” Ian Read, chief executive, said. “Excluding the impact of product losses of exclusivity, all of our businesses generated revenue growth while effectively managing their cost structures.”
Later this month, Pfizer will lose exclusive rights to sell Lipitor, its top-selling cholesterol drug, in the US. Mr Read said the company is “well prepared” for the loss, arguing that Pfizer’s drug pipeline is strong.
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