Pfizer's Good Volume Growth Marred By Strong $

16 July 1997

Pfizer of the USA has announced strong advances in revenues and earningsin the first six months and the second quarter of 1997, but felt the effects of the strong US dollar. In the first six months revenues were $5.9 billion, up 11%. Net income grew to just over $1 billion, rising 16%, and earnings per share were ahead 14% to 81 cents. Net income in the second quarter was $457 million, up 16%, EPS rose 13% to 35 cents and sales advanced 9% to $2.9 billion.

The firm said that foreign exchange reduced second-quarter revenue growth 4%, and 3% in the first half, adding that the foreign exchange impact had been particularly significant, given the substantial decline in the value of the Japanese yen and major European currencies against the dollar. This adverse effect is expected to continue.

William Steere, chairman and chief executive, said: "we've had a strong first half. Volume increases contributed 13 percentage points to revenue growth for both the quarter and the half, driven by strong performances by internally-developed and copromoted products." He added that the firm is "in an era of unprecedented opportunity, with much expansion."

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