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

Stocks in this article: PFE

* Calculation not meaningful

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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