Wyeth acquisition boosts Pfizer results

Pfizer’s second quarter results received a huge boost from the company’s multi-billion dollar acquisition of Wyeth last October.

Sales of former Wyeth products added $5.4 billion to Pfizer’s balance sheet, which recorded second-quarter revenues that increased by 58% to $17.3 billion compared to the same period in 2009.

Pfizer’s figures were also helped by the affects of favourable exchange rates and a strong performance by the company’s emerging markets unit.

Pfizer chief executive Jeff Kindler said: "During the quarter, Pfizer's more balanced global portfolio, which includes small molecules, biologics and vaccines as well as off-patent pharmaceuticals and diversified products generated strong performance in a period of notable worldwide economic uncertainty.

“The emerging markets unit continued to benefit from our on-going investment, with year-over-year operational growth on a legacy Pfizer basis of 11%. Within that unit, revenues in our six key markets, led by China, increased a combined 19% on a legacy Pfizer operational basis to approximately $800 million."  

Kindler added: "We continue to make solid progress on the Wyeth integration while we remain focused on delivering strong business performance.”  

Anti-cholesterol drug Lipitor remains Pfizer’s top seller, making $2.81 billion, up 5% on last year. The Lipitor patent, which is set to expire in 2012, was a key driver behind the company’s $68 billion acquisition of Wyeth last year, which Pfizer hopes will boost its long term revenue stream.

Pain medication Lyrica was Pfizer’s fastest growing product, rising 21% on an operational basis to $762 million.

The biggest loser was Norvasc, indicated for high blood pressure and chest pain related to angina, decreasing by 19% to $422 million.

Smoking cessation drug Champix also took a hit, with sales shrinking by 11% to $170 million.

Pneumococcal vaccine Prevnar 13, a Wyeth legacy product, has slotted into Pfizer’s top ten medicines, making $569 million for the quarter.

Pfizer reaffirmed its earnings forecasts for 2010 at between $65.2 and $67.7 billion.

Ben Adams