Pfizer's 1st-qtr net profits dive on generic competition

Global pharma behemoth Pfizer (NYSE: PFE) reported financial results for first-quarter 2012, with revenues falling 7% to $15.4 billion, which reflects an operational decline of $1.0 billion, or 6%, and an unfavorable impact of foreign exchange of $57 million, or less than 1%.

Net income for the quarter fell 19% to $1.79 billion, or $0.24 a share, from a year earlier. Adjusted earnings per share were down 8% at $0.58. Earnings excluding one-time items beat by 2 cents the $0.56 average of 19 analysts estimates compiled by Bloomberg. Pfizer’s shares dipped less than 1% to $22.78 in pre-market trading yesterday after the announcement.

For first-quarter, US revenues were $6.0 billion, a 15% decline compared with the year-ago quarter, primarily as a result of the US loss of exclusivity of all-time blockbuster cholesterol-lowerer Lipitor (atorvastatin) on November 30, 2011. International revenues were $9.5 billion, consistent with the prior-year quarter, which reflects 1% operational growth and a 1% unfavorable impact of foreign exchange.