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Pfizer Reports Third-Quarter 2012 Results

Stocks in this article: PFE

For third-quarter 2012, U.S. revenues were $5.6 billion, a decrease of 18% compared with the year-ago quarter. This decrease was primarily the result of the loss of exclusivity of Lipitor on November 30, 2011. International revenues were $8.3 billion, a decrease of 14% compared with the prior-year quarter, mainly due to the losses of exclusivity of Lipitor in developed Europe during second-quarter 2012 and the unfavorable impact of foreign exchange. U.S. revenues represented 40% of total revenues in third-quarter 2012 compared with 41% in the year-ago quarter, while international revenues represented 60% of total revenues in third-quarter 2012 compared with 59% in the year-ago quarter.


Financial Performance (5)


Third-Quarter Revenues

($ in millions)                  


Favorable/(Unfavorable)   2012   2011 Change


Primary Care $ 3,610 $ 5,948 (39 %) (2 %) (37 %)
Specialty Care 3,406 3,799 (10 %) (5 %) (5 %)
Established Products 2,383 2,230 7 % (4 %) 11 %
Emerging Markets 2,389 2,438 (2 %) (8 %) 6 %
Oncology   329   332 (1 %) (5 %) 4 %
Biopharmaceutical 12,117 14,747 (18 %) (4 %) (14 %)
Animal Health 1,017 1,041 (2 %) (6 %) 4 %
Consumer Healthcare 780 767 2 % (4 %) 6 %
Other (6)   62   54 15 % (4 %) 19 %
Total $ 13,976 $ 16,609 (16 %) (4 %) (12 %)

See end of text prior to tables for notes.


Business Commentary

Primary Care unit revenues decreased 37% operationally in comparison with the same period last year, primarily due to the losses of exclusivity of Lipitor in the U.S. in November 2011, developed Europe during second-quarter 2012 and Japan in June 2011, as well as the resulting shift in the reporting of U.S. and Japan Lipitor revenues to the Established Products unit beginning January 1, 2012. These factors negatively impacted Primary Care unit revenues by approximately $2.0 billion, or 34%, operationally. Collectively, the decline in revenues for Lipitor and for certain other Primary Care unit products that lost exclusivity in various markets in 2012 and 2011, as well as the resulting shift in the reporting of certain product revenues to the Established Products unit, reduced Primary Care unit revenues by approximately $2.4 billion, or 40%, in comparison with third-quarter 2011. The impact of these declines was slightly offset by continued strong operational growth of Lyrica and Celebrex in developed markets and Viagra in the U.S.

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