Bextra, other charges pull down Pfizer

Intel, Yahoo exceed estimates; Merrill off

From Tribune news services
Published April 20, 2005

Pfizer Inc., the world's biggest drugmaker, said Tuesday that first-quarter net income plunged 87 percent because of numerous charges, including one for suspending sales of its pain reliever Bextra.

The New York-based company earned $301 million or 4 cents a share, down from $2.3 billion, or 30 cents a share, a year earlier. Revenue rose 5 percent, to $13.1 billion.

Pfizer said it took a $2.19 billion charge to repatriate $28.3 billion in cash from overseas and a $622 million charge related to its purchase of Pharmacia in 2002. It also took a $766 million charge for suspending sales of Bextra at the request of the Food and Drug Administration.

Not counting the charges, Pfizer earned 54 cents a share, beating estimates by 1 cent a share, according to Thomson First Call.

Revenue from pain relievers Bextra and Celebrex plunged. Celebrex sales sank 47 percent, to $411 million, and Bextra revenue plunged 79 percent, to $56 million. Both drugs have been tied to a higher risk of heart attack and strokes.

Pfizer stock shed 18 cents, to $27.42, on the New York Stock Exchange.