Pfizer Reports Fourth-Quarter And Full-Year 2012 Results; Provides 2013 Financial Guidance

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Pfizer Inc. (NYSE: PFE) today reported financial results for fourth-quarter and full-year 2012. Fourth-quarter 2012 revenues were $15.1 billion, a decrease of 7% compared with $16.1 billion in the year-ago quarter, which reflects an operational decline of $802 million, or 5%, and the unfavorable impact of foreign exchange of $271 million, or 2%.

For fourth-quarter 2012, U.S. revenues were $5.8 billion, a decrease of 9% compared with the year-ago quarter. This decrease was primarily the result of the loss of exclusivity of Lipitor in November 2011 and Geodon in March 2012. International revenues were $9.3 billion, a decrease of 5% 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 38% of total revenues in fourth-quarter 2012 compared with 39% in the year-ago quarter, while international revenues represented 62% of total revenues in fourth-quarter 2012 compared with 61% in the year-ago quarter.

Full-year 2012 revenues were $59.0 billion, a decrease of 10% compared with $65.3 billion in full-year 2011, which reflects an operational decline of $4.8 billion, or 8%, and the unfavorable impact of foreign exchange of $1.5 billion, or 2%.

For full-year 2012, U.S. revenues were $23.1 billion, a decrease of 14% compared with full-year 2011. This decrease was primarily the result of the aforementioned loss of exclusivity of Lipitor. International revenues were $35.9 billion, a decrease of 6% compared with the prior year, mainly due to the previously mentioned losses of exclusivity of Lipitor and the unfavorable impact of foreign exchange. U.S. revenues represented 39% of total revenues in full-year 2012 compared with 41% in the previous year, while international revenues represented 61% of total revenues in full-year 2012 compared with 59% in full-year 2011.

Fourth-Quarter Revenues (6)
($ in millions) Favorable/(Unfavorable)		2012			2011			Change				Foreign Exchange			Operational
Primary Care		$	3,833		$	5,411		(29	%)			(1	%)		(28	%)
Specialty Care			3,668			3,820		(4	%)			(2	%)		(2	%)
Emerging Markets			2,652			2,264		17	%			(3	%)		20	%
Established Products			2,370			2,300		3	%			(2	%)		5	%
Oncology			370			341		9	%			(2	%)		11	%
Biopharmaceutical			12,893			14,136		(9	%)			(2	%)		(7	%)
Animal Health			1,171			1,106		6	%			(2	%)		8	%
Consumer Healthcare			936			810		16	%			(1	%)		17	%
Other (7)			68			89		(24	%)			(1	%)		(23	%)
Total		$	15,068		$	16,141		(7	%)			(2	%)		(5	%)

See end of text prior to tables for notes.

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