Pfizer Q4 Revenues Up 6%

For the fourth quarter of 2010, the company posted cost of sales of $4.28 billion, compared to $3.94 billion for the same period in 2009. Net income attributable to the company was $2.89 billion, compared to $767m for the same period in 2009. Research and development expenses were $2.8 billion, compared to $2.81 billion for the same period in 2009.

For the full year ended December 31, 2010, the company posted revenues of $67.81 billion, compared to $50.01 billion for the same period in 2009. Cost of sales was $16.28 billion, compared to $8.89 billion for the same period in 2009.

Net income attributable to Pfizer was $8.26 billion for the full year of 2010, compared to $8.64 billion for the same period in 2009. Research and development expenses were $9.41 billion, compared to $7.85 billion for the same period in 2009.

For fourth-quarter 2010, revenues from biopharmaceutical were $15.1 billion, an increase of three percent compared with $14.6 billion in the year-ago quarter.

For fourth-quarter 2010, revenues from diversified were $2.4 billion, an increase of 34 percent compared with $1.8 billion in the year-ago quarter. This increase of $624m was primarily attributable to legacy Wyeth products, principally Advil, Caltrate and Centrum in consumer healthcare and infant and toddler nutrition products. The impact of foreign exchange on Diversified revenues was immaterial.

The company is updating certain elements of its 2012 financial targets and is providing for the first time a target for adjusted  selling, informational and administrative expenses (SI&A). At current exchange rates, Pfizer is now targeting reported revenues between $63 and $65.5 billion, compared with the previous target of between $65.2 and $67.7 billion.

Ian Read, president and CEO of the company, said: “I am pleased with our solid financial performance again this quarter and this year despite continued challenging market conditions. Pfizer has a strong asset base across various therapeutic areas and geographies in addition to a promising late-stage product pipeline, which I believe positions us well going forward.

“After evaluating our operating plans and capital allocation opportunities, we have adjusted our 2012 revenue target to exclude the projected contribution from future business development transactions and have reallocated funding to support an attractive, near-term opportunity to significantly increase our share repurchase activity.”

Will the firm further improve revenues in Q1?

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