International sales lift big drug maker Pfizer's second-quarter profit

By Linda Johnson, The Associated Press

TRENTON, N.J. - Pfizer on Wednesday said its second-quarter profit more than doubled as restructuring charges declined and the weak dollar helped lift overseas revenue, enabling the company to just beat Wall Street expectations.

New York-based Pfizer, the world's biggest drug maker, said profit rose to US$2.78 billion, or 41 cents per share, compared with $1.27 billion, or 18 cents per share, a year ago.

Revenue rose nine per cent, to $12.13 billion from $11.08 billion, even though U.S. revenues dropped by two per cent. International sales made up for that, surging 18 per cent, with favourable currency exchange rates adding $800 million, or seven per cent, to revenues.

Excluding one-time charges, Pfizer Inc. said it earned 55 cents per share. Analysts surveyed by Thomson Financial were expecting earnings of 54 cents per share and $11.46 billion in revenue.

Revenues in Pfizer's pharmaceutical division jumped nine per cent to $11.1 billion. Higher revenues from favourable exchange rates, and growing sales of many key products, offset lost sales due to U.S. generic competition for three drugs. Those were blood-pressure medicine Norvasc, allergy drug Zyrtec and colon cancer drug Camptosar, which saw revenues fall by a combined $496 million.

Sales of cholesterol fighter Lipitor, the world's top-selling drug, increased nine per cent to $3 billion. Sales were up by double digits for arthritis and pain treatment Celebrex, at $589 million, and nerve pain treatment Lyrica, at $614 million.

Sales of animal health products jumped 13 per cent to $715 million.

Pfizer reaffirmed its earnings forecast for the 2008 fiscal year, at $2.35 to $2.45 per share, excluding one-time charges.