Pfizer hails strong Q1 2011 performance

Pfizer has hailed the strength of its first quarter performance for 2011 after posting a revenue total of $16.5 billion (ten billion pounds) for the period.

This total was roughly level with its revenue figure from the corresponding period of last year, while its reported net income and diluted earnings-per-share totals both saw double-digit rises.

Pfizer's president and chief executive officer Ian Read said these figures were encouraging in light of the patent expiries of several products, highlighting the continued strong performance of drugs such as Prevnar and Lyrica.

Other recent markers of progress include the agreed sale of the Capsugel business unit and the multi-billion-dollar acquisition of King Pharmaceuticals, a deal which was completed in March 2011.

Mr Read added: "We remain focused on continuing the evaluation of our business portfolio to determine the optimal mix of businesses to maximise our return. We expect to complete this evaluation during the second half of 2011."

Last month, Pfizer further strengthened its foundations for innovation by agreeing new collaborative partnerships with Zacharon and Shanghai Pharmaceutical.