Poor Pfizer! The world's number one pharmaceutical company, saw its third quarter results hit by a plethora of challenges as its faced a sharp drop off in sales of its COX-2 inhibitor portfolio and its infamous blue pill Viagra (sildenafil) was hit by competition in the erectile dysfunction field.
Revenues tumbled 5% to $12.2 billion dollars, as the company's human health sector suffered a 7% drop to $10.5 billion. And net income too took a turn for the worse, more than halving to $1.6 billion from $3.3 billion for the third quarter last year.
For the full year, Pfizer has downgraded its revenue predictions because of the poorly-performing human health business, and says reported diluted earnings per share in 2005 of $1.02-$1.04 is now anticipated, compared to a previous estimate of about $1.24.
It has also scrapped its guidance for 2006/2007 and will provide new expectations at the beginning of next year.
Insider says: uh oh! The softening up process has started. Rep "postings of unhappiness" are way up on CafePharma signifying that chilly times have started. It's always much cheaper to micromanage someone out of their job than lay them off and then have to make redundancy payments!
1 comment:
...the word is that the lipophilic statins such as lipitor are responsible for inducing neurodegenerative diseases--alzheimer's. ALS and Parkinson's Disease, as well as peripheral neuropathies....really sell your stock!
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