Pfizer Inc, a world leader in the field of pharmaceutical with revenues of over US$ 40 billion, reported strong net earnings during the second quarter ended on July 3, 2005. However, the same could not improve the earnings for first half of 2005.

For the second quarter, its net earnings went up by 21 per cent to $ 3463 million from $ 2863 million in the corresponding period ended June 27, 2004. Despite small rise in revenues of 1.2 per cent to $ 12,425 million from $12,274 million, its earnings improved basically due to jump in other income by 105 per cent. The R& D expenditure increased by 3 per cent to 1,875 million from $ 1819 million.

The company’s income from continuing operations before adjustments and taxation worked out to $3,061 million in the second quarter of 2005 from $3,428 in the last period, registering a fall of 10.7 per cent. However, with the positive adjustment of $ 413 million, its net earnings moved up to $ 3463 million.

Hank Mckinnell, chairman and CEO, said, “Pfizer achieved solid operating results in the second quarter and it is reinventing itself for the long term to meet patients’ healthcare needs and to enhance shareholder value. Pfizer’s strategy for long-term growth has four key components – maximizing the value of current products; developing, licensing, or acquiring new products; leveraging our scale and financial strength’ and developing innovative approaches to improving human health. Pfizer made significant progress toward achieving each of these strategic goals in the second quarter.”

Pfizer’s net earnings during the first half of 2005 declined by 28 per cent to $ 3763 million from $ 5195 million in the first half of 2004. Its revenue touched to $ 25,516 million in the first half from $ 24,762 million. Its R&D expenditure increased by 5 per cent to $ 3639 million from $ 3469 million. Sales of Lipitor, the leading product in the world pharma segment, during the first half moved up to $ 9,197 million from $8,085 million in the last period. The company’s new-product pipeline continues to advance with US FDA approvals for Revatio, Zmax and Lyrca.

Pfizer is in the process of launching at least four new medicines in important disease categories in the US during 2005—Macugen, Lyrica, Revatio, and Zmax.