Pfizer Q1 net profit falls on repatriation, Bextra expenses

April 19 | Updated: Apr 20 2005, 05:30am hrs
Pfizer Inc, the worlds largest drugmaker, said first-quarter earnings fell 87% to $301 million on costs to return overseas profits to the US and expenses related to the suspension of the Bextra painkiller.

Net income declined to 4 cents a share, from $2.33 billion, or 30 cents, a year earlier, the New York-based company said on Tuesday in a statement. Revenue rose 5% to $13.1 billion, beating the $12.5 billion average estimate of analysts. Demand for Bextra and the similar painkiller Celebrex plunged in the quarter after both were linked to heart attacks in studies. Chief executive Hank McKinnell is relying on the Lipitor cholesterol treatment, which had a 23% surge in sales.

Bloomberg