Pfizer Inc, the biggest drug maker in the world, reported a dip in its revenues by 3% for the third quarter 2009 compared with the same period last year.
Revenues were US$ 11.6 billion, a decrease of 3 per cent compared with US$ 12.0 billion in the year-ago quarter. Revenues for third-quarter 2009 compared with the year-ago quarter were unfavourably impacted by approximately US$ 610 million, or 5 per cent, due to foreign exchange and were favourably impacted by US$ 217 million, or 2 per cent, due to a one-time adjustment in the year-ago period for prior years' liabilities for product returns.
For third-quarter 2009, US revenues were US$ 4.8 billion, a decrease of 2 per cent compared with the year-ago quarter. International revenues were US$ 6.8 billion, a decrease of 4 per cent compared with the prior-year quarter, and reflected 5 per cent operational growth and a 9 per cent unfavourable impact of foreign exchange. US revenues represented 41 per cent of the total, while international revenues represented 59 per cent of the total, both comparable with the year-ago quarter.
For the first nine months of 2009, revenues were US$ 33.5 billion, a decrease of 7 per cent compared with US$ 36.0 billion in the same period in 2008. Foreign exchange unfavourably impacted revenues by approximately US$ 2.3 billion or 6 per cent. US revenues were US$ 14.3 billion, a decrease of 6 per cent compared with the first nine months of 2008. International revenues were US$ 19.2 billion, a decrease of 8 per cent compared with the same period last year, and reflected 3 per cent operational growth and an 11 per cent unfavourable impact of foreign exchange. US revenues represented 43 per cent of the total compared with 42 per cent in the year-ago period, and international revenues represented 57 per cent of the total compared with 58 per cent of the total of the first nine months of 2008.
"We are pleased with our results this quarter and in our ability to once again deliver solid operational performance in an environment that continues to be challenging. Excluding foreign exchange, our five Pharmaceutical units and Animal Health business continued to perform well enabling us to continue to meet our commitments," stated Jeff Kindler, chairman and chief executive officer.
Kindler continued, "The completion of the Wyeth acquisition represents a significant milestone in the transformation of Pfizer. We are beginning to implement our integration plan in order to quickly maximize the value of our expanded and more diversified global product portfolio in key high-growth areas. With customer-centric businesses, supported by research organizations, Pfizer is now well positioned to deliver greater value to patients and shareholders."
Frank D'Amelio, chief financial officer, stated, "During the first nine months of 2009, we have continued to deliver on our 2009 financial commitments and our longer-term cost-reduction target. Completion of both the Wyeth acquisition and associated integration plans is a testament to the hard work and dedication of talented colleagues throughout the organization. Looking ahead, we anticipate that our broad portfolio of products and increased investment in high-growth opportunities will better position us to generate consistent earnings growth and continue to deliver on our commitments."