Pfizer shows 18% profit downturn in Q1

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Pfizer has reported revenues of $11.8 billion for the first quarter of 2008, a 5 percent decrease compared with $12.5 billion in the year-ago quarter.

For the first-quarter of 2008, Pfizer posted reported net income of $2.8 billion, a decrease of 18 percent compared with $3.4 billion in the prior-year quarter, a decrease of 15 percent compared to the prior-year quarter. The declines were primarily attributable to lower revenues due to the U.S. losses of exclusivity and, to a lesser extent, increased in-process research and development expenses associated with acquisitions, primarily CovX and Coley Pharmaceutical Group, Pfizer said.

The company primarily attributes its downturn to the March 2007 loss of U.S. exclusivity of Norvasc, which treats high blood pressure and angina, as well as the loss of U.S. exclusivity of allergy medication Zyrtec, which Pfizer ceased selling in late January 2008.

In the first quarter of 2008, Norvasc and Zyrtec revenues decreased by $556 million and $344 million, respectively, compared with the prior-year quarter, the New York City-based Pfizer said. The company also said its first quarter revenues were positively impacted by foreign exchange, which increased revenues by approximately $570 million, or 5 percent, and the solid performance of many new and in-line products.