Pfizer Q4 Net Income Increases 188%

Published: 04-Feb-2010

Pfizer has reported financial results for fourth-quarter and full-year 2009. Fourth-quarter 2009 revenues were $16.5 billion, an increase of 34% compared to $12.3 billion in the year-ago quarter. For full-year 2009, revenues were $50 billion, an increase of 4% compared to $48.3 billion in the same period in 2008.

For Q4 2009, Pfizer posted net income of $767m, an increase of 188% compared to $266m in the prior-year quarter, and reported diluted EPS of $0.10, an increase of 150% compared to $0.04 in the prior-year quarter.

For full-year 2009, the company reported net income of $8.6 billion, an increase of 7% compared to $8.1 billion last year, and posted diluted EPS of $1.23, an increase of 3% compared to $1.20 in 2008.

Jeff Kindler, chairman and chief executive officer of Pfizer, said: “During the fourth quarter, we closed the Wyeth acquisition and immediately began the integration of our operations, advancing the transformation of the company. We are pleased with the rapid pace of the integration and our ability to quickly realize the benefits of our combined organization.

“Our results this quarter clearly demonstrate the ability of our colleagues to remain focused and deliver solid operational performance, while working to close the Wyeth acquisition and to ensure a successful integration. We remain excited about our more diverse in-line product and pipeline portfolio, which we expect will result in improved opportunities for the company in 2010 and beyond.”

Frank D’Amelio, chief financial officer of Pfizer, said: “Our 2010 financial guidance and 2012 financial targets balance the achievement of our projected cost reductions, including from the integration of Wyeth, with the expected increased investment to drive longer-term, top and bottom line performance. These goals reflect our continued confidence in the business and our ability to capitalize on near- to mid-term growth opportunities through a meaningful reallocation of investment. Additionally, our 2012 targets assume a modest level of planned business-development activities.”

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