Pfizer Inc., the world leader in the pharmaceutical segment, received major set back during the third quarter ended September 2005 due to the loss of exclusivity of certain major products and by lower sales of the selective COX-2 inhibitors. The net earnings declined sharply by 52 per cent to US$ 1589 million from $ 3341million in the corresponding period of last year. The company's revenues also came down by 5 per cent to $ 12,189 million from $ 12,831 million. The basic earning per share declined to $0.22 from $ 0.43.

Hank Mckinnel, chairman and CEO, said, "The third quarter of 2005 was characterized by both accomplishments and challenges. Revenues in the third quarter of 2005 reflected lower prescription growth and increased competition in key therapeutic markets in the US, such as the lipid-lowering market, where the rate of growth in the third quarter declined significantly versus the first half of the year; and the erectile-dysfunction market, which has been in declined compared to 2004."

"The effects of these considerations are expected to temper fourth-quarter revenues as well. As a result, Pfizer now expects full-year 2005 adjusted diluted earnings per share of $ 1.92-$1.94. We are evaluating our financial prospects for 2006 and 2007 in light of current and anticipated business conditions and are withdrawing our prior guidance for those years at this time. We plan t provide new guidance early next year, after we have completed our annual planning process," Mcinnel added.

The company's Human Health business declined by 7 per cent to 10,552 million in the Q3. However, its Consumer Healthcare business and Animal Health revenues improved by 8 per cent and 6 per cent respectively. The company reduced its R&D expenditure by 6 per cent to $ 1,783 million during Q3.

The company's revenue for the nine months period ended September 2005 improved only by 0.3 per cent to $37,705 million from $ 37,593 million in the corresponding period of last year. The net profit declined by 37 per cent to $ 5,352 million from $ 8,536 million.