|
Pfizer edges 2Q estimate
|
 |
July 17, 2001: 7:43 a.m. ET
Nation's largest drugmaker posts higher revenue, operating profit
|
NEW YORK (CNNfn) - Pfizer Inc. edged past Wall Street profit and revenue expectations for the second quarter Tuesday.
The nation's largest pharmaceutical company earned $1.89 billion, or 30 cents a diluted share, from continuing operations excluding special items. That was a penny better than the earnings per share forecast of analysts surveyed by earnings tracker First Call. The company would have earned $1.44 billion, or 23 cents a share, on the same basis a year earlier if the acquisition of Warner-Lambert had been completed at that time.
Including merger costs and other special items, the company reported net income of $1.83 billion, or 29 cents a diluted share, up from $1.15 billion, or 18 cents a diluted, share a year earlier from the combined companies' operations. Pfizer said savings from its acquisition of Warner-Lambert reached $325 million in the second quarter, and that savings for the year are expected to reach $1.3 billion.
Revenue gained 10 percent to $7.69 billion, a bit above the $7.63 billion forecast. Sales of cholesterol-lowering drug Lipitor, its best-selling drug, rose 14 percent to $1.4 billion, while sales of its high-profile impotency treatment Viagra gained 16 percent to $351 million.
Click here for a look at drug stocks
Shares of Pfizer (PFE: Research, Estimates) lost 56 cents to $37.87 Monday. 
|
|
|
|
|
|
Pfizer Inc.
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
