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News > Companies
Pfizer beats 1Q forecasts
April 18, 2000: 8:42 a.m. ET

Strong sales of drugs, gain from sales of investment bring record income
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NEW YORK (CNNfn) - Drug maker Pfizer Inc. beat first-quarter earnings estimates Tuesday, driven by strong revenue growth.
    The New York-based company had earnings of $1.1 billion, or 28 cents a diluted share, excluding a special gain, up 33 percent from net income of $815 million, or 21 cents a share, in the year-earlier period. Analysts surveyed by earnings tracker First Call forecast the company to make 25 cents a share in the period.
    Pfizer (PFE: Research, Estimates) saw a $135 million pretax gain from the sale of research-related equity investments in the first quarter. Including that, net income for the period climbed to a record $1.2 billion, or 31 cents a diluted share.
    graphicRevenue rose 10 percent to $4.3 billion from $3.9 billion. The biggest gain came from alliance revenue, which posted a 65 percent increase to $665 million, while net sales rose a more modest 4 percent to $3.7 billion. Revenue from the sale of pharmaceuticals rose 11 percent in the period, and would have shown a 15-percent increase without the impact of currency fluctuations.
    Pfizer reached agreement to buy competitor Warner-Lambert Co. in February in a deal then valued at $90 billion, after launching a hostile bid for Warner-Lambert (WLA: Research, Estimates) late last year to block its proposed merger with American Home Products Corp. (AHP: Research, Estimates)
    Shares of Pfizer edged up 1/16 to 38 in Monday trading. Back to top

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