Pfizer Inc has suffered a setback during the second quarter ended June 2009 due to loss of exclusivity for Zyrtec, Camptosar and Norvasc in 2008, unfavourable exchange rates and lower sales of Lipitor. Its net earnings declined by 18.6 per cent to US$2,261 million from US$2,776 million in the corresponding quarter of last year. Its revenues also moved down by 9.4 per cent to US$10,984 million from US$12,129 million. With fall in earnings, its earning per share for the quarter worked out to US$0.34 as against US$0.41 in the last period.

For the first half ended June 2009, Pfizer's net earnings declined by 10.3 per cent to US$4,990 million from US$5,560 million in the first half of last year. Its revenues declined to US$21,851 million from US$23,977 million.

"Our results this quarter demonstrate our ability to continue to deliver solid operational performance despite a challenging and dynamic economic and operating environment. On a constant currency basis, all of our Pharmaceutical units and Animal Health generated revenue growth during the quarter, with the exception of the Established Products unit, which manages a portfolio of products that have an expected decline in revenues at this stage of their lifecycle," stated Jeff Kindler, chairman and chief executive officer.

Kindler continued, "Additionally, significant progress was made in connection with our pending Wyeth acquisition by achieving several key milestones, including approval of the acquisition by the European Commission, which included our commitment to divest certain animal health assets in the EU; the submission of regulatory filings in other important international markets; the approval of the acquisition by Wyeth shareholders; and further development of our post-closing integration plans. At the same time, we remain focused on meeting our commitments - generating revenues consistent with our expectations and continuing to streamline our cost structure."

Frank D'Amelio, chief financial officer, stated, "We remain committed to delivering on our 2009 financial goals and today, are increasing our guidance for adjusted diluted EPS to a range of US$1.90 to US$2.00 from a range of US$1.85 to US$1.95 as well as narrowing our revenue guidance to a range of US$45.0 to US$46.0 billion from a range of US$44.0 to US$46.0 billion.

For full-year 2009, Pfizer's financial guidance, at current exchange rates has been updated. Guidance for adjusted diluted EPS has been increased to a range of US$1.90 to US$2.00 from US$1.85 to US$1.95 and guidance for reported revenues has been narrowed to a range of US$45.0 to US$46.0 billion from a range of US$44.0 to US$46.0 billion.