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Pfizer 4Q profit rises
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January 23, 2002: 6:49 a.m. ET
Results match forecasts on strength of cholesterol drug, other medicines.
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NEW YORK (CNN/Money) - Pfizer Inc. posted higher fourth-quarter profit Wednesday, matching Wall Street forecasts, as the drugmaker benefited from strong sales of its cholesterol-lowering drug Lipitor and other popular medications.
Excluding one-time costs, Pfizer (PFE: Research, Estimates) posted quarterly earnings of $2.1 billion, or 34 cents a share, up from earnings of $1.7 billion, or 27 cents a share, a year earlier. Analysts polled by earnings tracker First Call expected a profit of 34 cents a share.
Pfizer also said it anticipates double-digit percentage revenue growth in 2002, and that it remains comfortable with earnings estimates of $1.56-to-$1.60 a share for the year. Analysts are looking for $1.59 a share for 2002, according to First Call.
The company also forecast double-digit percentage revenue growth in 2003 and 2004 and average annual earnings per share growth of 15 percent or better.
Pfizer reported net earnings of $2 billion, or 30 cents a share, up from $1.4 billion, or 23 cents a share, a year earlier. The improvement was due in large part to a $1.8 billion breakup fee paid in 2000 as a result of the failed Warner Lambert-American Home Products (AHP: Research, Estimates) merger.
Sales grew about 12 percent to $9.03 billion from $8.05 billion.
Pfizer's shares added 70 cents at $40.80 in Tuesday trading.
The company said revenue from its human pharmaceuticals unit, which includes Lipitor, grew 14 percent in the quarter. Lipitor's sales alone jumped 28 percent from a year earlier.
Pfizer also said it expects to seek regulatory approval for 15 new drugs over the next five years. 
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