Financial Report: Pfizer

Pfizer

1Q Revenues: $11.8 billion (-5%)

1Q Earnings: $2.8 billion (-18%)

Comments: Pharmaceutical revenues in the quarter were $10.9 billion (-6%). Lipitor revenues were $3.1 billion (-7%), Celebrex revenues were $611 million (+2%), Lyrica revenues were $582 million (+47%). Revenues from new products, Sutent and Chantix, were $190 million (+86%) and $277 million (+71%), respectively, despite added warnings to the label of Chantix in January 2008. Revenue decline in the quarter was primarily due to the U.S. losses of exclusivity of Norvasc (March 2007) and Zyrtec (January 2008), while earnings were dented further by increased in-process R&D expenses associated with acquisitions of CovX and Coley Pharmaceutical Group. R&D expenses were $1.8 billion in the quarter (+8%).