US DRUGS giant Pfizer has posted a bumper set of financial results, bolstered by its mammoth 2009 acquisition of rival Wyeth.
The $68bn (£42.6bn) transformational deal last October helped Pfizer’s revenues grow 58 per cent during the first six months of the year. The company raked in $34.1bn (£21.4bn) over the period, compared to just $21.9bn in the first half last year, adding that foreign exchange benefits had also had a very favourable impact on earnings.
The Brooklyn-based pharmaceutical group also reiterated its long-term profit view, allaying investor concern over looming generic drug competition when its top-selling Lipitor cholesterol product loses its patent protection from 2012.
Lipitor sales are expected to fall as much as 75 per cent late next year when cheaper generics flood US pharmacies, a main reason Pfizer bought Wyeth and its array of medicines.
The company said it now expected 2010 profit to be at the upper end of its previous forecast of $2.10 to $2.20 per share, excluding special items.
JP Morgan analyst Chris Schott called Pfizer’s numbers the “strongest we have seen” among US pharmaceutical companies for the second quarter.
Pfizer is the last of the large US drugmakers to report quarterly earnings over the past two weeks, and with the exception of Johnson & Johnson, which cut its 2010 profit view due to product recalls, industry peers beat forecasts despite the costs of US healthcare reform.
PFIZER GAINS AFTER GUZZLING RIVAL
Overall revenue up 56% to $34.1bn
US revenue up 55% to $14.7bn
International revenue up 57% to $19.4bn
Wyeth acquisition added $10.7bn in revenue