Publish date:

Higher Revenue at Pfizer, Eli Lilly

Lilly's quarter is hurt by writedowns and layoff charges.
Author:

Two big drug companies,

Pfizer

(PFE) - Get Report

and

Eli Lilly

(LLY) - Get Report

TheStreet Recommends

, reported double-digit revenue growth Tuesday, although Lilly saw its profit compressed by severance charges and writedowns.

Pfizer earned $4.67 billion, or 76 cents a share, up from $1.96 billion, or 31 cents a share, a year earlier. Revenue rose 10% to $8.52 billion. Before one-time items, the company earned 45 cents a share, a penny better than estimates.

Pfizer said its anticholesterol drug Lipitor had sales of more than $2 billion in the quarter, while Norvasc, Zoloft, Neurontin, and Zithromax each had sales of more than $500 million. Pfizer said sales of 10 products making up 69% of its worldwide human pharmaceutical business rose a combined 17%.

At Lilly, quarterly sales rose 13% to $2.889 billion, but profits fell to $407 million, or 38 cents a share, from $629 million, or 58 cents a share, last year. Excluding items, the company earned 61 cents a share, 3 cents better than estimates.

Lilly said sales of schizophrenia treatment Zyprexa rose 17% to $958.3 million, while sales of its diabetes treatments rose 26% to $633 million.

Lilly expects to earn 59 cents to 61 cents a share in the second quarter and $2.50 to $2.60 a share in the year. Analysts were predicting 58 cents in the second quarter and $2.54 for the year.