Pfizer reports full-year financial results

Pfizer has published its financial report for the 2010 full-year period, during which the company expanded in global scope following the 2009 merger with Wyeth.

The firm generated total revenue of $67.8 billion (41.7 billion pounds), up by 36 percent on last year, with Pfizer estimating that $18.1 billion of this figure resulted from the integration of Wyeth.

Ian Read, the company's president and chief executive officer, said this represents a "solid" performance in the face of challenging market conditions, while expressing confidence that its promising pipeline developments will underpin future growth.

He also highlighted the necessity of committing to continuing cost-reduction, outsourcing and streamlining initiatives to maximise return on investment.

"We believe these decisions, taken together, will continue to improve our business profile and provide both near-term and longer-term financial benefit," he said.

This comes in the same week that Pfizer announced it will be closing its UK research and development centre in Sandwich, Kent, which has been operational since 1954.