Pfizer Inc, a world pharma leader, improved its performance during the third quarter ended September 2004. Its adjusted income increased by 13 per cent to US$ 4.160 billion and its diluted earning per share moved up by 15 per cent to $ 0.55. The company confirms its earlier estimates of EPS of $ 2.12-2.14 for the fully year 2004. Its net income touched to $ 3.341 billion.

Its revenue for the quarter ended September 2004 moved up by 4 per cent to $12.831 billion with strong growth from its leading brands viz., Lipitor and COX-2. The company received approval FDA for inclusion of ASCOT-LLA data in Lipitor and Caduet Labeling. Further it also received EU approval of Lyrica for epilepsy and neuropathic pain.

"Pfizer's financial results for the quarter reflect both the challenging business environment in which we operate and the Company's fundamental strength and resilience," said Hank McKinnell, chairman and chief executive officer.

"We continue to generate strong earnings growth in 2004 in spite of continuing pricing pressure; new branded competition; new generic competition from the loss of patent exclusivity; difficult political, legal, and regulatory environments; and the effects of less favorable than expected foreign-exchange rates. These challenges are being addressed. And, while we expect these issues to temper revenue and income growth in 2005, Pfizer's long-term prospects remain strong," he added.

"The Company has 13 category-leading products, and the market shows clear and substantial potential for their further growth," Dr. McKinnell continued. "Our new-product pipeline is the strongest in our history, and we expect to submit 20 major US regulatory filings during 2001-2006. And, this quarter, we achieved important milestones in advancing the next generation of Pfizer medicines to patients, including major new-product filings, approvals, and launches."

The Company's human pharmaceutical operations generated revenues of $11.288 billion, up 3 percent, in the third quarter. Revenues of Pfizer's Consumer Healthcare business were $851 million, up 10 percent. Pfizer's Animal Health revenues increased 9 percent in the period to $475 million.

Reported third-quarter net income of $3.341 billion and reported diluted earnings per share of $.44 included non-cash charges of $521 million ($.08 per share) relating to purchase accounting attributable to the acquisition of Pharmacia, merger-related costs of $112 million ($.01 per share), a certain significant item of $229 million ($.03 per share), and income from discontinued operations of $43 million ($.01 per share), all on an after-tax basis. Excluding these items, adjusted income grew 13 percent to $4.160 billion, and adjusted diluted EPS increased 15 percent to $.55, compared to the same period in 2003.

"Pfizer's pharmaceutical business has again shown its industry-leading ability to perform in a challenging global environment," said Karen Katen, executive vice president of the company and president of Pfizer Global Pharmaceuticals.

"Our portfolio is strong. While our environment is tough, we're tougher. And we're attending to both the top line and bottom line with disciplined strategies to sustain future business performance," she said.

Human pharmaceutical year-to-date revenue growth has been driven largely by the strong global growth of Lipitor (up 15 per cent), Neurontin (up 17 per cent), Zoloft (up 8 per cent), Norvasc (up 4 per cent), Geodon (up 31 per cent), Vfend (up 47 per cent), Relpax (up 102 per cent), and several key products added in the Pharmacia acquisition-Celebrex, Bextra, Xalatan, Detrol, and Zyvox. This favourable revenue growth is a direct result of effective portfolio management to realize the full potential of each medicine.

Third-quarter revenue growth was led by Lipitor (up 11 per cent), Celebrex (up 14 per cent), Bextra (up 37 per cent), Neurontin (up 10 per cent), and Zyvox (up 97 per cent), among other products, which offset some declines in other products.

"Our newer medicines also continue to perform well on a year-to-date basis, contributing to total portfolio performance. Zyvox crossed the $300 million mark, and Vfend has achieved more than $200 million in revenues," Katen continued.

Category Leadership Despite Competitive Challenges. "Major products-including Lipitor, Norvasc, Zoloft, Viagra, Zithromax, and Zyrtec-by nature face competitive challenges. We are confident in Pfizer's ability to maintain category leadership," Katen concluded.