Pfizer’s Q1 results fall

Pfizer, the parent company of Pfizer Animal Health, has announced its first-quarter results for 2008, reporting a fall in revenues compared to the previous year.

The firm’s revenues totalled $11.8 billion (£5.9 billion), which is five per cent less than the $12.5 billion generated during the first three months of 2007.

It suggested this is the result of Pfizer losing exclusivity rights to Norvasc last year and Zyrtec this year.

However, the company reported that many new and in-line products had performed solidly and that revenues had been positively impaired by the foreign exchange.

Chairman and chief executive officer Jeff Kindler said: “This quarter, many of our new products continued to perform well, including Sutent and Chantix.”

He added: “We also saw steady growth from many in-line medicines, including Lyrica, Geodon, Viagra and Xalatan.”

In Britain, Pfizer Animal Health recently announced it is to cease manufacturing in Kent as part of an efficiency drive which it hopes will allow it to compete more effectively in the wider business environment.