Pfizer (NYSE:PFE) had a better quarter than many expected. The drug company reported financial results for third-quarter 2009. Revenues were $11.6 billion, a decrease of 3%. EPS fell to $.51 from $.62 on an adjusted diluted basis.
Revenue from the primary care unit of the company was $5.5 billion, a decline of 4% compared with $5.8 billion in the year-ago quarter. Operationally, Primary revenues were flat, as the strong international performance of Lyrica and Lipitor was offset primarily by lower Lipitor revenues in the U.S.
Revenue in the specialty care unit for Q3 was $1.6 billion, an increase of 3% compared with $1.5 billion in the same period last year. Operational growth of 6%, largely driven by the solid performance of Rebif and Revatio.
Oncology revenue was $371 million, a decrease of 5% compared with $389 million in the prior-year quarter. Operational growth of 2%, primarily due to the strong performance of Sutent, was partially offset by the unfavorable impact of the loss of exclusivity of Camptosar in Europe
Pfizer upped revenue guidance for the year to $49 to $50 billion from a previous range of $45 to $46 billion.
Douglas A McIntyre
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