Pfizer Profits Decline In Q3

Drug maker Pfizer has posted a decline in third quarter profits, hurt by a strong dollar and also by increased competition. WNPR’s Harriet Jones reports.

Pfizer, which has its largest research and development operation in Connecticut, reported third quarter earnings of $866 million, or 11 cents a share. That’s down from 43 cents a share in the same quarter in 2009. Excluding one time costs, the pharma giant earned 54 cents a share, and that topped Wall Street’ estimates of 51 cents a share.

Pfizer’s sales for the quarter were up, because of the extra products added with its acquisition of rival drug maker Wyeth, but even the revenue boost was tempered by the effects of the stronger dollar, which slowed sales in overseas markets. Pfizer is still in the process of integrating Wyeth, which it bought one year ago, and executives say they’re on track to realize cost savings from the deal.

For WNPR, I'm Harriet Jones.