Pfizer increases third quarter revenue

NEW YORK — Pfizer Inc. reported revenue of $12.8 billion for the third quarter 2004, a 4% increase from the same quarter last year. Net income for the quarter was $3.3 billion, or $0.44 diluted earnings per share, according to a news release from the company.

The growth was driven by good performances in a number of product lines, particularly its cardiovascular products and COX-2 inhibitors, as well as weakening of the U.S. dollar, according to the press release.

For the third quarter, revenue from human pharmaceutical operations increased 3% to $11.3 billion, while the consumer healthcare business increased 10% to $851 million.

Third-quarter revenue growth was led by sales of Lipitor (atorvastatin calcium), which increased 11%. The growth in human pharmaceuticals was also affected by products attained in the acquisition of Pharmacia, including Xalatan (latanoprost), the company said.

Regarding new product development, Pfizer said it remains on target for submitting 20 major U.S. regulatory filings over a 5 year period ending in 2006. This includes a new drug application for Macugen (pegaptanib sodium injection), which Pfizer is developing through a partnership with Eyetech Pharmaceuticals, the company said.

Macugen received priority review status from the FDA following a favorable recommendation by a Food and Drug Administration advisory panel in August. Canadian regulators have also granted the drug priority status, and the European Union accepted a regulatory filing for it in September, according to the company.