US Pfizer Q2 profits up 13% to $709m

19 July 1999 16:56  [Source: ICIS news]

HOUSTON (CNI)--Strong volume sales from both new and existing products helped Pfizer post 13% higher second quarter net income Monday of $709m (Euro695m) on a revenue increase of 14% to $3.8bn.

Excluding the impact of charges and the divestment of its Medical Technology Group, Pfizer said its net income rose 22% over last year's second quarter. No details of the charges were disclosed.

The New York City company's global pharmaceuticals business delivered a 16% increase in revenues with more than $3.5bn, as sales of Viagra, an impotence treatment, contributed $310m, or 8.9% of the total revenues. Geographically, overall revenues in the US rose 10% to $2.1bn while international sales climbed 27% to $1.4bn.

Pfizer said its alliance revenue totalled $481m for the second quarter, noting that sales of Warner-Lambert's cholesterol fighter Lipitor, the Alzheimer's disease treatment Aricept and Monsanto's arthritis drug Celebrex rose by 143% versus the 1998 second quarter's total of $198m.

Of the angina and hypertension treatments, Norvasc sales increased 17% to $722m but Procardia XL sales decreased 28% to $114m, which Pfizer said was "due in part to physician preference for Norvasc." Sales of Zoloft for treating depression, obsessive-compulsive disorder and panic disorder rose 16% to $461m. Revenues from the antibiotic Zithromax jumped 27% to $207m and sales of fungal treatment Diflucan increased 8% to $228m. Anti-allergy drug Zyrtec posted 38% higher revenues of $144m. Consumer health product sales increased 8% to $154m.

Animal health sales dipped 5% to $305m, due primarily to weak livestock markets in the US and Europe.

By: Mary Ann Tawasha
+1 713 525 2653

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