Pfizer's second-quarter revenues up 3% to $11.74 billion

By Lisa Kerner

Charlotte, N.C., July 20 - Pfizer Inc. reported second-quarter revenues of $11.74 billion, up 3% from the prior year period of $11.45 billion. For the six-month period ended June 30, revenues remained steady at $23.5 billion compared to $23.6 billion for the six-month period last year.

The company said its strong second-quarter 2006 financial results were driven by higher sales of both in-line and new products

Net income was down 30% for the second quarter at $2.42 billion, from $3.46 billion in the prior year period. Six-month net income rose 73% to $6.52 billion, from $3.76 billion.

Earnings per share of $0.33 for the second quarter were down 30% from the previous year, while for the six-month period, earnings per share rose 75% to $0.89 per share, from $0.51 per share.

Pfizer said the decline in earnings per share reflected $0.15 cents in the previous year of tax reductions due to the repatriation of foreign earnings and tax benefits from the resolution of certain tax positions.

"We said in the beginning of the year that 2006 would be the year when we begin to substantially offset loss of revenue due to patent expirations with growth from in-line and new products," chairman and chief executive officer Hank McKinnell said in a company news release.

"We understood the scope of the challenges we were facing, and we realized that we had set ambitious revenue targets for the full year for some of our key products, in particular Lipitor and Celebrex."

Lipitor saw a 9% revenue growth during the second quarter, while Celebrex, Geodon and six other major in-line products each delivered double-digit revenue growth in the quarter, officials said.

Pfizer said it is targeting revenue growth in 2007 and that the average annual growth in adjusted diluted earnings per share will be in the high single digits over 2007 and 2008.

Pfizer is a New York City-based pharmaceutical company.

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