Pfizer's 1st-qtr profits tumble 17.5%

Global pharmaceutical behemoth Pfizer saw its share price fall 2.5% to $26.97 on April 20, after revealing a sharp decrease in first-quarter 2007 profits and saying that full-year earnings will be below consensus Wall Street expectations. This was due to the sharp take-up of generic versions of its antihypertensive Norvasc (amlodipine besylate) and the advent of copycat cholesterol-lowerers, such as simvastatin, cutting into the US for its blockbuster statin Lipitor (atorvastatin).

Revenues for the quarter increased 6% to $12.5 billion, helped by growth in new and in-line products, as well as foreign exchange and other factors. The figure exceeded Reuter's estimate of $11.77 billion in sales. Reported net income declined 17.5% to $3.39 billion, while diluted earnings per share dropped to $0.48 from $0.56 in the like, year-earlier period, although adjusted diluted EPS (allowing for acquisition-related costs, discontinued operations and certain significant items) increased 15% to $0.68, the company noted.

Cuts full-year forecasts