Pfizer 3rd-qtr earnings double, but share price falls on projected flat sales

Global pharmaceuticals giant Pfizer has posted third-quarter 2006 results showing that turnover grew 9% to $12.28 billion and diluted earnings per share leapt 109% to $0.46, although adjusted diluted EPS were just 10% higher, compared with the like, 2005 period, when it took merger-related charges. Net income for the reporting period was $3.36 billion, versus $1.59 billion in the third quarter last year.

However, despite the figures beating consensus forecasts, the firm's warnings about flat sales growth, more cost-cutting and a likely delay for its cholesterol-lowering drug candidate, torcetrapib, ruffled investor sentiment and the stock fell 1.5% to $27.68 on the New York Stock Exchange the day of the announcement, October 19.

Chief executive Jeffrey Kindler, who replaced Hank McKinnell this summer, said: "we had a solid quarter, with our in-line products performing well in a tough operating environment and many of our new products making important contributions as well. We will continue to be aggressive and focused in maximizing the performance of these products. We remain on track to meet our financial goals for the year."