Pfizer Inc., a world leader in the pharmaceutical segment, received setback during 2005 and its net earnings declined by 29 per cent to US$ 8085 million from $ 11,361 million in the previous year. Its revenue also declined by 2 per cent to $ 51,298 million from $ 52,516 million in the last period basically due to loss of exclusivity in the US of certain key medicines, uncertainty related to Celebrex, and the suspension of Bextra sales.
"We are supporting our key in-line and newly launched medicines, driving important new medicines through the pipeline and taking a series of specific actions to build Pfizer's value," said Hank Mckinnell, chairman and CEO.
"We completed the year with positive news on many fronts including double-digit full-year worldwide growth of Lipitor, an exceptional Lyrica launch in the US, priority-review status for two potential breakthrough medicines, Sutent for cancer and Champix for smoling cessation; favourable decisions in Lipitor patent cases, and a 26 per cent dividend increase for the first quarter of 2006," he added.
"The year 2005 has been a challenging year for Pfizer Human Health. However, fourth-quarter and full-year 2005 results indicate that we are well-positioned for the future, with a solid in-line portfolio and a rich pipeline of innovative new medicines," said Karken Katen, vice chairman of Pfizer Inc and president of Pfizer Human Health.
Many of its top medicines achieved double-digit growth worldwide in 2005, which includes products like Lipitor up by 12 per cent, Caduet up by 272 per cent, Geodon up by 26 per cent, Relpax up by 38 per cent, Zyvox up by 33 per cent and Aromasin up by 73 per cent. Worldwide sales of Viagra declined by 2 per cent to $ 1,645 million and in US it declined sharply by 10 per cent to $ 802 million.
The company's research and development expenditure came down by 3 per cent to $ 7442 million in 2005 from $ 7,684 million in the previous year. The earning per share declined to $1.10 from $ 1.51 in 2004.