Pfizer's 3rd-qtr 2008 profit triples due to Exubera write-off; revenues flat at $12B
Pfizer's third-quarter 2008 profit tripled year-on-year as the comparative period was impacted by costs related to the firm's decision to stop marketing its inhaled insulin Exubera (Marketletter October 29, 2007).
The world's largest R&D-based drugmaker by sales saw net income of $2.28 billion, or $0.34 per share, versus $761.0 million, or $0.11 per share, in the third quarter last year. Adjusted earnings totaled $0.62 per share, beating the $0.60 per share average from a Bloomberg analyst survey.
In composite trading on the morning of October 21, when the results were announced, shares in the New York-based company rose 2.3% to $17.73.
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