Pfizer 1st-qtr 2001 net income rises 34%

First-quarter 2001 net income at Pfizer increased 34% to $2.13 billionand diluted earnings per share rose 32% to $0.33, both excluding the impact of significant items and Warner-Lambert merger-related costs. Revenues of the firm's line of human pharmaceuticals were up 16%, excluding the negative effect of foreign exchange and the market withdrawal of the antidiabetes drug Rezulin (troglitazone; Marketletter March 27, 2000). Reported revenues were up 7% at $7.65 billion for the period.

"Our excellent first-quarter results underscore that Pfizer's future is very promising, with strong, sustainable top- and bottom-line growth," said chairman William Steere. "Our portfolio of innovative pharmaceutical products, the broadest in the industry, helped us deliver outstanding results," commented the firm's chief executive, Hank McKinnell.

"The eight products that achieved at least $1 billion in 2000 sales - an industry record - continue to perform strongly, growing a collective 19% in the first quarter," Mr McKinnell said, adding: "our strong earnings growth, both this quarter and projected for the full year, reflect our ability to balance significant investments in R&D and educational activities with our commitment to increasing shareholder value through EPS growth."