 |
| One of the world’s largest biopharmaceutical capital investment - Wyeth BioPharma Campus Dublin
|
Pfizer, the world's biggest pharmaceutical firm, today reported second-quarter net income more than doubled amid cost-cutting and lower restructuring charges, while Wyeth posted a 6.4% fall in net income, hit by restructuring costs.
Pfizer reaffirmed its 2008 outlook, and Wyeth boosted its full-year earnings forecast.
Pfizer reported net income of $2.78 billion, or 41 cents a share, up from $1.27 billion, or 18 cents a share, a year earlier. Excluding acquisition and restructuring-related costs, earnings rose to 55 cents a share from 42 cents a share.
Revenue rose 9.4% to $12.13 billion from $11.08 billion boosted by a seven-percentage-point gain from the weaker dollar.
Gross margin was virtually unchanged at 81.1%.
Sales of the cholesterol-lowering drug Lipitor, rose 9%. The the world's best-selling drug is due to lose its patent protection in 2011. Negative study results from rival cholesterol drug Vytorin, which has been developed by Merck and Schering-Plough, had been expected to help Lipitor sales in the quarter.
Wyeth, the maker of Effexor, the world's top-selling antidepressant; Advil anti-pain drug and Centrum vitamins, today reported net income of $1.12 billion, or 83 cents a share, down from $1.2 billion, or 87 cents a share, a year earlier. Excluding restructuring charges, earnings rose to 91 cents from 90 cents.
Wyeth plans to cut its 50,000 person payroll by 5,000 jobs over the next three years.
Revenue rose 5.3% to $5.95 billion, boosted by a weak dollar.
Gross margin rose to 28.3% from 27.1%.
Effexor sales gained 5% to $1.02 billion.
Pfizer Full Results
Wyeth Full Results
