Pfizer sees Q1 profits fall by almost a fifth

Pfizer sees Q1 profits fall by almost a fifth

US drug maker Pfizer posted first-quarter profits down 19%, mainly because new generic competition to its blockbuster cholesterol pill Lipitor cut US sales by 15%.

The competition prompted the company to offer big rebates and discounts to keep patients on its brand.

The maker of Viagra said net income was $1.79bn, or 24 cents per share, down from $2.22bn, or 28 cents a share, a year earlier.

Excluding one-time items, the world’s biggest drug maker would have made $4.43bn, or 58 cents per share.

Analysts were expecting 56 cents a share.

Revenue totalled $15.4bn, down 7% from $16.5bn a year ago. Analysts were expecting $15.46bn.

Pfizer lowered its adjusted profit forecast for 2012 by 6 cents, to $2.14 to $2.24 per share.

More in this Section

ESRI warns Government against an early cut to Covid-19 pandemic payments as economy slumpsESRI warns Government against an early cut to Covid-19 pandemic payments as economy slumps

Lufthansa bailout 'in Europe's best interests'Lufthansa bailout 'in Europe's best interests'

Commercial landlord Hibernia Reit sees city centre office demand outpacing Covid-19 'speed-bump'Commercial landlord Hibernia Reit sees city centre office demand outpacing Covid-19 'speed-bump'

EU says it now has €1.85trn firepower to fight Covid-19 economic devastation across the continentEU says it now has €1.85trn firepower to fight Covid-19 economic devastation across the continent


Lifestyle

The model mum took a coronavirus test in preparation for the procedure.Everything to know about breast implant removal, as Chrissy Teigen says she’s undergoing surgery

Cathal Coughlan is known for his part in Microdisney, but for many people his best output came with the harder-edged band he formed afterwards, writes Ed PowerB-Side the Leeside: The Fatima Mansions and the story of 'Viva Dead Ponies'

Limerick singer-songwriter Emma Langford recently released a new single ‘Mariana’ available to buy on Bandcamp, with all proceeds going to Safe Ireland.Question of Taste: Singer-songwriter Emma Langford

These jammy thumbprint cookies are dangerously moreish.Jammy thumbprint cookies recipe

More From The Irish Examiner