Net income increased to $2.88 billion, or 43 cents a share from $2.28 billion, or 34 cents, a year earlier, the New York- based company said today in a statement. Profit excluding certain items was 51 cents a share, beating by 3 cents the average estimate of 15 analysts surveyed by Bloomberg.
Revenue declined 3 percent to $11.6 billion, topping analyst estimates by $200 million. Pfizer completed its $68 billion purchase of Wyeth this month adding the pneumonia vaccine Prevnar and expanding its business into over-the-counter medicines. Pfizer is counting on products gained from Wyeth to help offset losses in two years when generic copies of its top- selling Lipitor cholesterol pill enter the market.
Chief Executive Officer Jeffrey Kindler plans to fire more than 19,000 workers to trim costs. The drugmaker has already eliminated more than 5,400 positions this year. Since acquiring Wyeth on Oct. 15, Pfizer said it will close three Wyeth sites in Pennsylvania and one in New Jersey. Pfizer also plans to make research cuts in the next 30 to 60 days.
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