Pfizer revenue drops 8% to $10.87bn

Pharmaceutical giant Pfizer — which employs 2,000 people in Ireland — reported a 2% decline in first-quarter earnings to $2.7 billion, in line with the company’s projections.

First quarter earnings were hurt by declining sales, an increase in the effective tax rate and costs linked to Pfizer’s acquisition of rival drug company Wyeth. Sales of its Lipitor cholesterol fighter and its Chantix anti-smoking drug were sharply lower.

Excluding once-off items, Pfizer earned 54 cents per share, ahead of most analysts’ expectations of 49 cents.

The company’s worldwide revenue fell 8% to $10.87bn (€8.2bn). Revenue would have fallen by only 3% if not for the strengthening dollar, which lowers the value of overseas sales when converted back to US dollars.

Article courtesy of the Evening Echo newspaper.