Record Sales For Pfizer In 1994

Pfizer, one of the first US drug companies to report results for 1994, has announced record results. In the fourth quarter of 1994, sales reached $2.3 billion, up 16%, net income also grew 16% to $334 million, and earnings per share were $1.08, up 20%. For the full year, sales advanced 11% to $8.3 billion, net income was $1.3 billion, up 10%, and EPS were $2.05, ahead 13%, excluding the effect of pretax charges in 1993 for restructuring, divestitures and unusual items.

William Steere, chairman and chief executive, said that sales were "driven entirely by volume," and that combined sales of its six new products topped $2.7 billion for the year. "The sales of these products grew an aggregate 44% for both the quarter and the year," he said.

Sales of the health care segment grew 17% in the fourth quarter and 12% for the year. Worldwide sales of pharmaceuticals advanced 18% in the quarter and 13% in the year. Sales of Procardia XL (nifedipine), its largest-selling product, grew 10% for the quarter, and were said to be "comparable to 1993" for the full year.