Pfizer First Quarter Earnings This morning, Pfizer Inc. (
PFE) reported financial results for the period ending March 31, 2009. Revenue came in at $10,845 million, compared to our and the Street estimates of $10,885 million and $11,080 million, respectively. Revenue fell 8% from the first quarter 2008 and was down 3% excluding the negative impact from foreign exchange.U.S. sales fell 10% to $5.0 billion while international sales of $5.9 billion were down 7%, but increased by 3% on an operational basis.Lipitor sales fell 13% in the quarter and were down 17% in the U.S. This was significantly below our estimate. It appears the weak economy is accelerating a shift to lower-cost generic statins, including simvastatin (generic Zocor). Sales of Celebrex and Geodon were also weaker than expected.As expected, Chantix sales were weak and fell 36% in the quarter as safety ...
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