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Pfizer announced a decrease in fourth-quarter revenues, but a slight increase in full-year 2011 revenues in its financial report on Jan. 31, 2012.
Pfizer announced a decrease in fourth-quarter revenues, but a slight increase in full-year 2011 revenues in its financial report issued on Jan. 31, 2012. Ian Read, chairman and CEO, stated in a company release, “Overall, 2011 was a year of setting new direction and focus for Pfizer. I am pleased with our 2011 financial performance, which was achieved in the face of a challenging global market and product losses of exclusivity of approximately $5 billion.”
For the full-year 2011, Pfizer’s revenues were $67.4 billion, which represented a 1% increase compared with 2010. In 2011, US revenues were down 7%, but international revenues were up 6%, reflecting 1% operational growth and a 5% favorable foreign-exchange impact. International revenues represented 60% of Pfizer’s total revenues in 2011, up slightly from 57% in 2010. Fourth-quarter revenues of $16.7 billion were down 4% compared to the fourth-quarter 2010. Pfizer said this was due to a 5% operational decline, mitigated by a 1% favorable impact of foreign exchange.
Pfizer CFO Frank D’Amelio stated in the release that the company had achieved or exceeded each of the components of its 2011 financial guidance. He noted that the company achieved its cost-reduction target associated with integrating Wyeth one year earlier than expected.
Read added that Pfizer was seeing the results of its pipeline investments and its efforts to improve R&D productivity and to change its R&D culture to be more results driven, as evidenced by new product launches, marketing submissions and approvals, and positive late-stage clinical data presentations. “Prevnar/Prevenar 13 for adults, tofacitinib, Xalkori, Inlyta (axitinib), and Eliquis are well positioned to be important new product opportunities that may enhance the performance of our business,” he said in the release. “Additionally, we have a next wave of compounds that have shown promise in early and mid-stage studies, and we look forward to progressing them through the pipeline. Each of these compounds represents a potential valuable, new treatment option for patients.”