NEW YORK, Tue Apr 30, 2013 — Pfizer Inc. reported lower-than-expected quarterly earnings and revenue and the largest U.S. drugmaker trimmed its full-year profit outlook, sending shares down 5 percent in premarket trading.
The company said on Tuesday it earned $2.75 billion, or 38 cents per share, in the first quarter. That compared with $1.79 billion, or 24 cents per share, in the year-earlier period, when Pfizer took charges to boost productivity and address legal matters.
Excluding special items, Pfizer earned 54 cents per share. Analysts, on average, expected 55 cents per share.
Global revenue fell 9 percent to $13.5 billion, below Wall Street expectations of $13.99 billion, hurt by wholesaler purchasing patterns that led to lower demand for its Prevnar vaccines against pneumococcal bacteria.
Pfizer expects full-year 2013 earnings of $2.14 to $2.24 per share, down from its previous forecast of $2.20 to $2.30. It noted that the falling Japanese yen was hurting company sales in that important market.
The stock dropped nearly 5 percent to $29.01 in premarket trading.
NEW YORK, Tue Jan 29, 2013 — Pfizer Inc. on Tuesday reported better-than-expected fourth-quarter results, helped by rebounding sales in emerging markets, but the drugmaker forecast earnings for 2013 that was mostly below consensus analyst expectations.
The largest U.S. drugmaker said its earnings quadrupled to $6.32 billion, or 86 cents per share, in the quarter as it recorded gains from the approximately $12 billion sale in November of its nutritional products business to Swiss food groups Nestle SA. That compared with earnings of $1.44 billion, or 19 cents per share, in the year-earlier quarter.
Excluding special items, Pfizer earned 47 cents per share. Analysts, on average, expected 44 cents per share, according to Thomson Reuters I/B/E/S.
Global company sales fell 7 percent to $15.1 billion, hurt by generic competition for its Lipitor cholesterol fighter, but came in well above Wall Street expectations of $14.37 billion.
Pfizer forecast full-year earnings, excluding special items of $2.20 to $2.30 per share. The average analyst forecast was $2.29 per share, according to Thomson Reuters.
NEW YORK, Mon Nov 12, 2012 – Pfizer Inc. agreed to pay $67.5 million to settle a class-action lawsuit by former Wyeth Inc. shareholders who said they were misled about risks associated with the antidepressant Pristiq.
The all-cash settlement was disclosed on Friday, one month after Pfizer agreed to pay $164 million to settle a separate lawsuit accusing it of misleading investors about clinical trial results for the arthritis drug Celebrex.
Wyeth shares lost more than $7.6 billion of market value on July 24, 2007, after the company said the U.S. Food and Drug Administration would not approve Pristiq to treat “hot flashes” in post-menopausal women until it learned more about potential heart and liver problems associated with the drug.
Shareholders led by the Pipefitters Union Local 537 Pension Fund in Boston said Wyeth’s failure to reveal adverse effects sooner caused its stock price to be inflated during the June 26, 2006, to July 24, 2007, class period.
Pfizer bought Wyeth in 2009. Several former Wyeth officials, including onetime Chief Executive Robert Essner, are also defendants in the case.
Christopher Loder, a Pfizer spokesman, said the defendants denied wrongdoing in agreeing to settle.
Laurie Largent and David Rosenfeld, lawyers for the plaintiffs, did not immediately respond to requests for a comment.
Pristiq generated $461 million of sales from January to September for Pfizer.
Analysts once hoped annual sales would top $2 billion for the drug, whose chemical name is desvenlafaxine.
NEW YORK, Mon Aug. 13, 2012 – Pfizer today announced that its subsidiary Zoetis Inc. filed a registration statement with the U.S. Securities and Exchange Commission for a potential initial public offering of Class A common stock.
The offering is expected to represent an ownership stake of up to 20 percent. Prior to completion of the offering, which is targeted for the first half of 2013, Pfizer will transfer its animal health business to Zoetis.
The number of shares to be offered and the price range for the offering have not yet been determined.
NEW YORK, Tue Aug 7, 2012 – Pfizer Inc. has agreed to pay $60.2 million to settle a U.S. government probe of the drug maker’s alleged use of illegal payments to win business overseas, according to the U.S. Securities and Exchange Commission.
The settlement, made public on Tuesday, is part of a broad crackdown on bribery by multinational companies in foreign countries that has affected several of the world’s top pharmaceutical companies.
According to an SEC complaint, filed in U.S. District Court for the District of Columbia, Pfizer’s misconduct dates to 2001. Employees of Pfizer subsidiaries bribed foreign officials to use Pfizer products and boost prescriptions, the complaint said.
The improper payments were made to officials in Russia, Bulgaria, Croatia, Kazakhstan, Serbia, Czech Republic, China and Italy.
The 1977 Foreign Corrupt Practices Act makes it illegal for U.S. companies and foreign firms whose stock is traded in the United States to bribe government officials in foreign countries.
Separately, the SEC also charged Wyeth, which Pfizer acquired in 2009, with similar violations. Pfizer and Wyeth agreed to separate settlements in which they will pay a total more than $45 million.
In a parallel action, the Justice Department said a Pfizer indirect subsidiary, Pfizer H.C.P. Corp., had agreed to pay a $15 million penalty to resolve a department investigation of alleged violations.
NEW YORK, Tue Jul 31, 2012 – Pfizer Inc. reported higher-than-expected quarterly earnings, helped by cuts in research spending and other costs, and affirmed its 2012 profit forecast despite the negative impact of the stronger dollar.
The largest U.S. drug maker, whose shares rose 1.6 percent In premarket trading, said on Tuesday that it earned $3.25 billion, or 43 cents per share, in the second quarter. That compared with $2.61 billion, or 33 cents per share, a year earlier.
Excluding special items, Pfizer earned 62 cents per share. Analysts, on average, expected 54 cents, according to Thomson Reuters I/B/E/S.
Pfizer’s global revenue fell 9 percent to $15.06 billion, hurt by generic competition against its Lipitor cholesterol fighter, but topped Wall Street expectations of $14.87 billion.
The company said its earnings beat was fueled by better-than-expected sales of Lipitor, nerve pain treatment Lyrica and its Enbrel drug for rheumatoid arthritis. It also cited declines in research spending, selling and administrative expenses, and costs of goods sold.
Pfizer in June said it planned to separate its animal health unit into a standalone company, allowing it to focus on its core pharmaceuticals business. On Tuesday Pfizer said it plans by mid-August to ask regulators to approve a potential initial public offering of up to a 20 percent ownership stake in the new animal health business, to be called Zoetis.
NEW YORK, Tue Apr 10, 2012 – A federal appellate court ruled on Tuesday that drugmaker Pfizer can face asbestos liability suits in state court over products once manufactured by a bankrupt subsidiary, dragging out a dispute that has already lasted more than 30 years.
At issue is insulating products made by Pfizer unit Quigley Co. Inc. that contained asbestos. Quigley, which Pfizer bought in 1968, at one time faced suits by more than 160,000 plaintiffs. It filed for bankruptcy in 2004.
Pfizer reached a deal that year with lawyers representing more than 80 percent of claimants, which provided for about $430 million in settlement payments. Quigley filed for bankruptcy protection as part of that arrangement, which was aimed at resolving cases dating back to the late 1970s.
The bankruptcy court later ruled that an injunction it issued in the case stayed some suits that were still pending against Pfizer. In May 2011, a federal judge in New York reversed that order, and the U.S. 2nd Circuit Court of Appeals upheld that ruling Tuesday.
The suits in question were filed starting in 1999 by plaintiffs’ lawyer Peter Angelos in Pennsylvania state court. Angelos, one of the best-known asbestos lawyers in the country, also owns the Baltimore Orioles baseball team.
CARLSBAD, Calif. ― Pfizer Inc. agreed to buy privately held biopharmaceutical company Excaliard Pharmaceuticals for an undisclosed sum, to gain access to Excaliard’s experimental skin scarring drug.
Pfizer, which expects to close the deal by the year end, said Excaliard will receive an upfront payment and related milestone payments.
The drug EXC 001, which is in mid-stage trials, was co-developed by Excaliard and Isis Pharmaceuticals Inc. to treat skin fibrosis, characterized by the formation of excess fibrous connective tissue.
Separately, Isis said it will receive up to $14 million from Pfizer for its stake in Excaliard.
“The science behind Excaliard’s lead compound aligns well with our R&D focus on new treatments for fibrosis and tissue remodeling,” Pfizer said.
Pfizer shares closed at $18.96 on Monday on the New York Stock Exchange, while Isis shares closed at $6.57 on Nasdaq.
NEW YORK ― Pfizer Inc. reported better-than-expected quarterly results, helped by sales growth of its prescription drugs in emerging markets and its animal health, nutritionals and consumer healthcare products.
The world’s biggest drugmaker said on Tuesday it earned $3.74 billion, or 48 cents per share in the third quarter, including a $1.3 billion after-tax gain on the recent sale of its Capsugel business.
That compared with a profit of $866 million, or 11 cents per share, in the year-earlier period, when the company took a big charge for asbestos litigation.
Excluding special items, Pfizer earned 62 cents per share. Analysts on average expected 56 cents per share, according to Thomson Reuters I/B/E/S.
Global revenue rose 7 percent to $17.19 billion, well above Wall Street expectations of $16.42 billion.
NEW YORK — Pfizer Inc. said it extended its tender offer for Icagen Inc. by 24 hours, to midnight Eastern Time Thursday.
American Stock Transfer & Trust Co. LLC, the depositary for the tender offer, said that as of midnight Aug. 31 4,044,035 Icagen common shares had been validly tendered and not withdrawn. That includes shares tendered by directors and executive officers of Icagen.
Pfizer already owns 1,067,015 shares of Icagen common. Added to the validly tendered shares that have not been withdrawn, that represents about 57 percent of the outstanding shares.
The total represents about 49 percent of the fully diluted shares of Icagen and was 107,431 shares below the number needed to satisfy the condition for the minimum number of shares to be tendered in order for Pfizer to accept for payment and pay for such shares.
Icagen is a leading biopharmaceutical company focused on the discovery, development and commercialization of novel small molecule drugs that target ion channels.