Pfizer reports increase in first-quarter net income, Lipitor sales

By Lisa Kerner

Erie, Pa., April 19 - Pfizer said its first-quarter 2006 performance is solid and the company is reconfirming 2006 full-year guidance for revenues and adjusted diluted earnings per share, as well as targets for 2007 and 2008.

The company reported net income for the quarter of $4.11 billion, or $0.56 per diluted share, compared with net income of $301 million, or $0.04 per share, for the same quarter in 2005.

Pfizer said it paid a dividend of $0.24 per share in the first quarter of 2006, a 26% increase over the comparable quarter of 2005 and the 39th consecutive year of dividend increases.

"Pfizer's first-quarter 2006 results mark the beginning of a year that will be characterized by the transition to the next-generation Pfizer," said Karen Katen, vice chairman of Pfizer and president of Pfizer Human Health, in a news release.

"Our in-line medicines are continuing to drive performance; recent and upcoming launches of new medicines will replenish and expand the portfolio as older medicines lose exclusivity."

Despite what it considers a challenging environment, the company said it is committed to reach its full-year revenue goal of $13 billion for Lipitor, which had first-quarter sales of $3.07 billion.

Worldwide sales of Celebrex totaled $491 million for the first quarter, a 19% growth over the first quarter of 2005. Full-year sales for the product are targeted at more than $2 billion.

First-quarter sales of Geodon topped $182 million, a 32% increase over the prior year. Pfizer expects full-year revenue to reach $800 million.

Lyrica, in its second year on the market, continues to be successful for the company, with first-quarter revenue of $192 million and full-year revenues expected to reach $900 million.

The company also highlighted the Food and Drug Administration approval of Exubera, Sutent and Eraxis during the quarter. Five new medicines are filed or expected to be filed in 2006 and 2007.

Pfizer is a New York-based pharmaceutical company.

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