After Acquiring Wyeth, Pfizer Reports Q1 Profits

Drugmaker Pfizer has reported a huge rise in first quarter profits, boosted by the acquisition of rival Wyeth. WNPR’s Harriet Jones reports.

Pfizer, which has a major research and development operation in Connecticut, saw net income of $4.9 billion, or 60 cents a share in the first three months of the year. That’s up 33% from the same period in 2009, and beat Wall Street’s expectations. 

Pfizer closed its $67 billion acquisition of Wyeth last October, and the effects were clear in this quarter’s numbers – the addition of sales of Wyeth’s most successful medicines boosted Pfizer’s revenues by more than 50%. Pfizer reaffirmed its forecasts for full year earnings, and said it doesn’t see a negative impact from the recent healthcare reform legislation.

For WNPR, I'm Harriet Jones.