Pfizer posts gains for Q3

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Pfizer has reported its financial results for the third quarter of 2008, which ended Sept. 30.

For the third quarter, the company posted a net income of $2.3 billion compared with $761 million in the prior-year quarter. They attributed the increases to the after-tax charges of $2.1 billion related to the decision to exit Exubera in the year-ago quarter, which was partially offset by the after-tax charge in the 2008 third quarter of approximately $640 million, resulting from the agreements to resolve litigation involving the company’s non-steroidal anti-inflammatory (NSAID) pain medicines as well as an after-tax charge of approximately $150 million due to the prior years’ product returns liabilities.

The company posted revenues of $12 billion, consistent with the year-ago quarter, despite the negative impact of the loss of U.S. exclusivity for Zyrtec, which Pfizer ceased selling in late January, and for Camptosar in February. Foreign exchange favorably impacted reported revenues by approximately 5 percent ($620 million), as did the solid performance of many key products.

“We remain on-track to meet our 2008 objectives, despite the turbulent global economy," said Chairman and CEO Jeff Kindler. “We continued to deliver steady results this quarter, with many of our most important medicines performing well around the world, including Lyrica, Celebrex, Viagra, Sutent, Zyvox and Geodon, as well as Lipitor in a highly competitive market.”