Pfizer - zu Unrecht im Keller
kann."
Das hat vor wenigen Wochen noch völlig anders bei Dir geklungen. Im Grunde
eine Kapitulationserklärung. Ich nehme sie an.
"In solchen Situationen bin ich lieber nicht investiert"
Vor vier Wochen hast Du mich noch angegiftet, weil ich Deinen Empfehlungen
zuwider nicht eingestiegen bin. Fundamental hat sich seither nichts getan.
Insofern paßt das nicht zusammen.
"Nach dem jüngsten starken Anstieg um 25 %"
Das ist schlichtweg falsch. In Deutschland lag der Tiefstkurs bei 17,02 EUR.
Per heute ist das ein Plus von 17,5%. Was ist daran sensationell? Ein schöner
Anstieg - gewiß. Wenn aber ein Anstieg von schwachen 18% Grund für eine
Konsolidierung biblischen Ausmaßes sein soll, obwohl die Aktie eigentlich
immer noch am Boden gründelt, dann sehe ich rabenschwarz für sie!
Am Rande notiert: Die von Dir geschmähte ALSTOM hat seit 1. Dezember 2005
rund 20% zugelegt - und heute dennoch einen neuen Höchststand erreicht.
"Ich verspreche hingegen meinerseits - ebenfalls jetzt schon -, im Fall eines
Absturzes KEINE HÄME zu verbreiten..."
Soll das ein Witz sein?. Kämen die Zahlen schlecht und würde die Aktie abstür-
zen, wäre es mehr als peinlich für Dich. Schließlich hast Du ja allen so schön vorgerechnet, wie toll PFIZER dasteht und wie gering bei dem KGV, der Pipeline
und dem Cash das Risiko ist. Wochenlange Postings wären fürs erste Makulatur,
1000 Stunden Recherche weitgehend für die Katz.
Halt uns also lieber die Daumen. Das wäre gut für unser Portfolio - und Deine
Reputation.
innerhalb eines Korridors etwa die doppelte Performance. Darunter verhalten
sie sich wie die Aktie. Darüber greift der Cap. Als Ausgleich für die bessere
Performance behält der Emmitent die Dividende. Deshalb gibt es die meisten
Emissionen bei dividendenstarken Papieren (wie TUI). Kaufst Du dirakt am Geld
(also an der unteren Korridorgrenze, hast Du abwärts normales, einfaches Risiko,
aufwärts aber die doppelte Chance. Klingt wie im Lebkuchenland, stimmt aber.
Beispiele: TUI: SG2CDZ LH: BNP20J
Aber von deutscher Zeit habe ich nix gefunden ?
(Hab leider den Link verloren...)
Die die Aktie in D im Plus notiert, müßten der Future in den USA
entsprechend sein.
Da verstehe ich den Kursanstieg hierzulande nicht.
Für den Link aber vielen Dank!
Pfizer Fourth-Quarter and Full-Year 2005 Financial Results Reflect Operating and Financial Strength
NEW YORK, Jan. 19 /PRNewswire-FirstCall/ -- Pfizer reported fourth-quarter and full-year 2005 financial results today that reflect operating and financial strength, with performance exceeding expectations, driven by in-line medicines, new medicines, and accelerated cost savings, all while promising candidates continue to advance through the company's pipeline.
"We are supporting our key in-line and newly launched medicines, driving important new medicines through the pipeline and taking a series of specific actions to build Pfizer's value," said Hank McKinnell, chairman and chief executive officer. "We completed the year with positive news on many fronts -- including double-digit full-year worldwide growth of Lipitor; an exceptional Lyrica launch in the U.S.; priority-review status for two potential breakthrough medicines, Sutent for cancer and Champix for smoking cessation; favorable decisions in Lipitor patent cases; and a 26-percent dividend increase for the first quarter of 2006. Our strategy of driving growth in our in-line medicines and investing in promising new medicines is the essence of the new Pfizer. We will continue to focus on enhancing value for our shareholders and meeting patients' needs worldwide."
Dr. McKinnell said there were two primary drivers for Pfizer's better- than-expected performance in the quarter: better revenue performance in the Human Health business; and operating expense savings, coupled with the acceleration of the "Adapting to Scale" (AtS) cost savings to $800 million in 2005, which is double the goal for the year.
"While we are pleased that Pfizer's performance in 2005 exceeded previous expectations, investors should be aware that the factors driving Pfizer's performance may differ materially in 2006," Dr. McKinnell added. "We look forward to providing a full briefing on our 2006 financial guidance, strategy, products, and pipeline at our analyst meeting in New York on February 10. We enter the new year with renewed determination to capitalize on all the opportunities we see to bring our innovative medicines to those who need them."
Portfolio, Pipeline Position Human Health for Future Success
"2005 has been a challenging year for Pfizer Human Health," said Karen Katen, vice chairman of Pfizer Inc and president of Pfizer Human Health. "However, fourth-quarter and full-year 2005 results indicate that we are well-positioned for the future, with a solid in-line portfolio and a rich pipeline of innovative new medicines."
Loss of exclusivity in the U.S. of certain key medicines, uncertainty related to Celebrex, and the suspension of Bextra sales cumulatively reduced 2005 worldwide revenue by $5.7 billion. As a result, total Pfizer Human Health revenue declined $1.8 billion, or 4 percent, for full-year 2005 compared to full-year 2004. In the U.S., Human Health revenue declined 12 percent for the full-year 2005 compared to the same period in 2004.
Excluding the major medicines that lost exclusivity in the U.S. in 2004 and 2005 and the selective COX-2 inhibitors, Human Health adjusted revenues(2) grew 11 percent worldwide and 10 percent in the U.S. for full-year 2005 compared to 2004. The successful launches of seven new medicines over the past two years are enabling Pfizer to replenish our portfolio. The combined sales of these products (Inspra, Caduet, Olmetec, Macugen, Revatio, Zmax, and Lyrica) generated $284 million in fourth-quarter 2005 revenue and $632 million in full-year 2005 revenue worldwide.
Many of Pfizer's top medicines achieved double-digit growth worldwide in 2005 compared to 2004 across many therapeutic areas, including cardiovascular/metabolic diseases (Lipitor up 12 percent, Caduet up 272 percent); central nervous system disorders (Geodon up 26 percent, Relpax up 38 percent); infectious and respiratory diseases (Zyvox up 33 percent, Vfend up 38 percent); oncology (Aromasin up 73 percent); and ophthalmology (Xalatan/Xalacom up 12 percent).
Fourth-Quarter Portfolio Highlights
The cardiovascular portfolio continues to perform well. Cardiovascular sales include another billion-dollar quarter for Norvasc and continued momentum for Caduet, which achieved 323-percent revenue growth worldwide in the fourth quarter to $65 million. Worldwide sales of Lipitor totaled $3.4 billion in the fourth quarter, reflecting growth of 3 percent over the previous year's quarter, a difficult comparison in light of Lipitor's 23- percent revenue growth in the fourth quarter of 2004, exacerbated by four fewer business days in the 2005 quarter. Full-year sales of $12.2 billion reflected 12-percent growth over 2004.
In the recently published IDEAL study, Lipitor was shown to be numerically superior to Zocor in the secondary prevention of cardiovascular events. This difference fell just short of statistical significance (p=0.07 vs. significance at p=0.05). Lipitor did achieve statistically significant improvements in major secondary endpoints, including a 13-percent reduction in major cardiovascular events and a 17-percent reduction in non-fatal heart attacks for patients taking Lipitor 80 mg compared to patients taking simvastatin (Zocor) 20 and 40 mg. These results affirm that intensive lipid- lowering with Lipitor 80 mg can safely provide benefits beyond the most commonly prescribed doses of Zocor (20 and 40 mg) in patients with coronary artery disease.
The performance of the central nervous system portfolio was fueled by the launch of Lyrica. Since its September launch, more than 500,000 prescriptions have been written for Lyrica in the U.S. as of December 23, 2005. Lyrica had already gained more than a 7-percent new-prescription share of the U.S. anti- epileptic market as of December 23, continuing its performance as one of Pfizer's most successful pharmaceutical launches. This mirrors the outstanding launch performance seen globally. On a worldwide basis, Geodon exhibited strong full-year growth of 26 percent. This performance far outpaced the rate of market growth. In the U.S., Geodon is the second- fastest-growing atypical anti-psychotic oral medication in new-prescription volume as of November year-to-date. Its balance of powerful efficacy and a favorable metabolic profile positions it for further growth.
In the ophthalmology portfolio, the 9-percent worldwide growth in audited sales of Xalatan/Xalacom outpaced market growth (IMS MIDAS data for the twelve months ending November 2005). These medicines continue to lead the worldwide glaucoma market with a 35.7-percent share of revenues during the same period. Pfizer recently launched the first fully validated glaucoma risk calculator, which will help physicians identify patients with ocular hypertension who are most likely to progress to glaucoma, and determine whether to initiate earlier therapy. Macugen has become an important treatment in the U.S. for wet age- related macular degeneration, the leading cause of blindness in people over 60. While new competitors are expected to enter the market, Macugen has a strong foothold with more than 40,000 patients treated to date. Macugen's favorable safety profile has been maintained for more than two years of clinical testing and marketing.
Despite decreased usage in prescription pain medications, Celebrex continues to be a leader in this field with a 46-percent share of U.S. anti- inflammatory sales and a 22-percent share worldwide for November 2005. In the fourth quarter of 2005, Celebrex was the fastest-growing medicine in the U.S. anti-inflammatory market. Pfizer is currently supporting the Cleveland Clinic's 20,000-patient prospective study to definitively evaluate the relative safety of Celebrex and two older pain medications in patients with heart disease or at high risk of heart disease.
Worldwide full-year 2005 Viagra sales declined 2 percent. Fourth-quarter 2005 sales declined 8 percent, versus the comparable period in 2004, reflecting slower growth in the overall erectile-dysfunction (ED) market and competition from other products. Viagra continues to lead the ED market and is capturing six out of ten new prescriptions for ED in the U.S. through November 2005 year-to-date. Pfizer is supporting consumer ED education with the recent launch of a new unbranded educational campaign in the U.S.
Rich Pipeline of New Medicines Continues to Advance
"We continue to make excellent progress toward our goal of filing 20 major new medicines in the U.S. in the five-year period ending in 2006," said Dr. John LaMattina, President of Pfizer Global Research and Development.
In addition to the seven products launched in 2004 and 2005, six additional products are under review by the FDA. Priority review has been granted for three of these -- Sutent (sunitinib), Champix (varenicline), and Eraxis (anidulafungin).
* Sutent is an oral agent with anti-angiogenic and anti-tumor activity that may offer significant advantage to physicians treating patients with metastatic renal cell carcinoma and Gleevec-resistant gastrointestinal stromal tumors. * Champix, a novel partial nicotinic agonist for smoking cessation, has been shown to be more effective than the only other oral anti-smoking prescription medicine. * In a recent study, the antifungal agent Eraxis has shown significant benefit over fluconazole in the treatment of candidemia and invasive candidiasis and has received an approvable letter from the FDA for esophageal candidiasis. Three other products are currently under review by the FDA: * Exubera, the inhaled insulin drug for type 1 and type 2 diabetes, represents the first non-injectable form of insulin available for diabetics. It has been recommended for approval by the FDA advisory committee and for marketing authorization by the Committee for Medicinal Products in Europe. Pfizer has reached an agreement to acquire sanofi- aventis's share of worldwide rights to Exubera, as well as the insulin production facilities located in Frankfurt previously jointly owned by the two companies. * Indiplon is filed for two NDAs for the treatment of adult insomnia, in immediate-release and modified-release formulations. * We have received an approvable letter from the FDA for Zeven (dalbavancin), a once-weekly intravenous antibiotic for the treatment of complicated skin and skin-structure infections caused by Gram- positive bacteria, including methicillin-resistant Staphylococcus aureus. This is Pfizer's second major product filing resulting from the recent acquisition of Vicuron.
"And we reached several important milestones during the fourth quarter in our ongoing efforts to bring new innovative therapies to patients around the world," said Dr. LaMattina.
Ticilimumab (CP-675,206), an anti-CTLA4 receptor antagonist, began Phase 3 testing in December. The compound is a monoclonal antibody and another addition in Pfizer's growing pipeline of large-molecule biologics. Ticilimumab may offer an important new option for treating metastatic melanoma, which has a five-year survival rate of less than 10 percent.
In 2005, Pfizer extended our long history of successful alliances and acquisitions with a series of agreements with Angiosyn, BioRen, Coley, Idun, Incyte, Renovis, Rigel, and Vicuron, several of which are already demonstrating strong results. In the fourth quarter of 2005, Pfizer began two Phase 3 trials for non-small-cell lung cancer using a novel anti-cancer agent PF-3512676 (formerly CpG 7909), licensed from Coley Pharmaceutical Group. Based on Phase 2 survival data, this compound may offer a significant advancement over current therapies in treating non-small-cell lung cancer.
Pfizer also entered a global collaborative research and licensing agreement with Incyte Corporation in the fourth quarter of 2005, giving us exclusive worldwide development and commercialization rights to a portfolio of CCR2 antagonist compounds for the potential treatment of inflammation. The most advanced compound is currently in Phase 2a studies in rheumatoid arthritis and insulin-resistant obese patients.
Leveraging Financial Strength
"Pfizer is undertaking a series of actions to employ the company's strong positive cash flow for the short- and long-term benefit of shareholders," said David Shedlarz, vice chairman. "Given the strength of our operations, in December 2005 we increased our dividend for the first quarter of 2006 by 26 percent to 24 cents per share, while continuing to invest for long-term growth. With this increase, Pfizer will have increased dividends every year for 39 consecutive years. In 2005, we repatriated nearly $37 billion in foreign earnings, which Pfizer is using to enhance its balance sheet and invest in business opportunities. In addition, the company purchased nearly $4 billion in common stock in 2005, and it will continue to buy back its stock in 2006. Pfizer's sterling triple-A credit rating was also reaffirmed by Standard&Poor's and Moody's.
"With these and other actions, we are demonstrating to shareholders our commitment to work to enhance the value of their investment in Pfizer," Mr. Shedlarz concluded.
"Pfizer's earnings performance in the fourth quarter reflected operational flexibility, exceeding the estimate we announced in October 2005 for a number of reasons," said Alan Levin, senior vice president and chief financial officer. "Human Health revenues were stronger than previously forecast, reflecting an unexpected two-week delay in the introduction of azithromycin (Zithromax) generics in the U.S., strong early market acceptance of Lyrica, and better-than-anticipated performance in certain key markets (Japan and Germany) and in certain key products (Zyrtec and Norvasc). The fourth quarter of 2005 had four fewer business days than the fourth quarter of 2004; this is reflected in more tempered revenues and operating expenditures for the quarter. Full-year 2005 figures reflect a comparable number of days to 2004.
"Cost of sales for the quarter remained under pressure, although the impact of changes in the geographic, product, and segment mix of our products was partially mitigated by the favorable impact of foreign exchange during the quarter. The modest rate of growth in Selling, Informational and administrative expenses and the decline in Research and Development expenditures is due in part to greater savings associated with our Adapting to Scale (AtS) initiative. For the full year, AtS savings of approximately $800 million were realized, double our original goal for the year. We also achieved approximately $4.2 billion in synergies through 2005 in connection with our acquisition and integration of Pharmacia (Nachrichten/Aktienkurs) Corporation.
"Relative to prior expectations, fourth-quarter and full-year reported net income and diluted EPS reflect our enhanced operating performance during the quarter, partially offset by higher AtS implementation costs," Mr. Levin concluded.
Pfizer Continues Aggressive Defense of Intellectual Property With Important Lipitor, Norvasc Victories
In December 2005, Pfizer prevailed in a U.S. court decision involving a patent challenge to Lipitor, the world's most popular cholesterol-lowering medicine. The U.S. District Court for the District of Delaware determined that two U.S. patents covering atorvastatin, the active ingredient in Lipitor, are valid and infringed by the product of generic manufacturer Ranbaxy Labs LTD (Ranbaxy), thus protecting Lipitor's exclusivity until June 2011.
The U.S. decision marked one more major victory over Ranbaxy, which is using legal challenges in an attempt to overturn Pfizer's atorvastatin patents in the U.S. and many other markets. In October 2005, the United Kingdom's High Court upheld the exclusivity of the basic patent covering atorvastatin. The ruling prohibits Ranbaxy from introducing a generic version of atorvastatin in the U.K. until the patent expires in November 2011. Both the U.S. and U.K. decisions have been appealed.
"Lipitor represents nothing less than one of the most important medical breakthroughs from pharmaceutical research, and the courts are sending a clear message that the legal system should support and encourage this kind of innovation," said Jeffrey Kindler, vice chairman and general counsel. "We continue to believe that policymakers should examine a system in which generic companies can take as many 'shots on goal' as they wish, employing lawyers, not medical researchers, around the world to undermine confidence in research- based companies and the jobs they support. Our only course is to aggressively defend our patents and stand for principles we believe in, on behalf of the patients we serve and the future of medical innovation."
In a separate case, Pfizer announced yesterday that the U.S. District Court for the Northern District of Illinois upheld Pfizer's U.S. patent covering amlodipine besylate, the active ingredient in Norvasc, which had been challenged by the generic manufacturer Apotex.
Disaster Relief Efforts, Access Initiatives Highlight Corporate Citizenship
Pfizer continues to make progress in its initiatives to expand access to medicines and healthcare resources and to demonstrate excellence in corporate citizenship.
During 2005, the company made substantial contributions to the relief and recovery efforts in response to an unprecedented series of natural disasters, including the Asian tsunami, Hurricanes Katrina and Rita in the U.S. Gulf States, and the earthquake that struck Pakistan and India. In partnership with relief organizations and local authorities in the affected regions, Pfizer and its colleagues donated funds, medicines, and healthcare supplies and supported the rebuilding of critical healthcare infrastructure.
The company also advanced healthcare programs and partnerships in the developing world during 2005, including a program to train medical professionals across Africa in diagnosis and management of patients with HIV, malaria, and tuberculosis; a multi-country initiative to eliminate trachoma, the world's leading cause of preventable blindness; and a program in 42 developing countries to train healthcare providers in the treatment of opportunistic infections associated with HIV/AIDS.
Pfizer Changing to Meet Changing Times
"While 2005 was one of the most difficult years in memory, it ended well," Dr. McKinnell concluded. "2005 will be seen as a pivotal year in Pfizer's history -- the last year of the old Pfizer. We are once again doing what every generation of Pfizer colleagues has had to do since the late 1800s -- change our company to meet changing times."
For additional details, please see the attached financial schedules, product revenue tables, supplemental financial information, and Disclosure Notice.
(1) "Adjusted income" and "adjusted diluted earnings per share (EPS)" are defined as reported net income and reported diluted EPS, excluding discontinued operations, cumulative effect of a change in accounting principles, purchase accounting adjustments, merger- related costs, and certain significant items. As described under Adjusted Income in the Management's Discussion and Analysis of Financial Condition and Results of Operations section of Pfizer's Form 10-Q for the quarterly period ended October 2, 2005, management uses adjusted income, among other factors, to set performance goals and to measure the performance of the overall company. We believe that investors' understanding of our performance is enhanced by disclosing this measure. A reconciliation to reported net income and reported diluted EPS is provided in the table accompanying this report. The adjusted income and adjusted diluted EPS measures are not, and should not be viewed as, substitutes for U.S. GAAP net income and diluted EPS. (2) Human Health adjusted revenues are defined as total Human Health revenues excluding the revenues of selective COX-2 inhibitors and major products that have lost exclusivity in the U.S. since the beginning of 2004. See the table accompanying this report. PFIZER INC AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (millions of dollars, except per common share data) Fourth Quarter %Incr./ Full Year %Incr./ 2005 2004 (Decr.) 2005 2004 (Decr.) Revenues $13,592 $14,924 (9) $51,298 $52,516 (2) Costs and expenses: Cost of sales 2,346 2,356 - 8,525 7,541 13 Selling, informational and administrative expenses 4,755 4,676 2 16,997 16,903 1 Research and development expenses 2,020 2,328 (13) 7,442 7,684 (3) Amortization of intangible assets 833 868 (4) 3,409 3,364 1 Merger-related in- process research and development charges - 116 * 1,652 1,071 54 Restructuring charges and merger- related costs 596 467 28 1,392 1,193 17 Other (income)/deductions --net (323) 614 * 347 753 (54) Income from continuing operations before provision for taxes on income, minority interests and cumulative effect of a change in accounting principles 3,365 3,499 (4) 11,534 14,007 (18) Provision for taxes on income 610 625 (2) 3,424 2,665 28 Minority interests 7 3 121 16 10 59 Income from continuing operations before cumulative effect of a change in accounting principles 2,748 2,871 (4) 8,094 11,332 (29) Discontinued operations: Income/(loss) from discontinued operations--net of tax 6 (49) * (31) (22) 42 Gains on sales of discontinued operations--net of tax 3 3 - 47 51 (8) Discontinued operations--net of tax 9 (46) * 16 29 (45) Income before cumulative effect of a change in accounting principles 2,757 2,825 (2) 8,110 11,361 (29) Cumulative effect of a change in accounting principles--net of tax (25) - * (25) - * Net income $2,732 $2,825 (3) $8,085 $11,361 (29) Earnings per common share - Basic: Income from continuing operations before cumulative effect of a change in accounting principles $0.37 $0.39 (5) $1.10 $1.51 (27) Discontinued operations -- net of tax - (0.01) * - - * Income before cumulative effect of a change in accounting principles 0.37 0.38 (3) 1.10 1.51 (27) Cumulative effect of a change in accounting principles -- net of tax - - * - - * Net income $0.37 $0.38 (3) $1.10 $1.51 (27) Earnings per common share - Diluted: Income from continuing operations before cumulative effect of a change in accounting principles $0.37 $0.39 (5) $1.09 $1.49 (27) Discontinued operations -- net of tax - (0.01) * - - * Income before cumulative effect of a change in accounting principles 0.37 0.38 (3) 1.09 1.49 (27) Cumulative effect of a change in accounting principles--net of tax - - * - - * Net income $0.37 $0.38 (3) $1.09 $1.49 (27) Weighted-average shares used to calculate earnings per common share: Basic 7,327 7,461 7,361 7,531 Diluted 7,368 7,511 7,411 7,614 * Calculation not meaningful. Certain amounts and percentages may reflect rounding adjustments. (1) The above financial statement presents the three-month and twelve- month periods ended December 31 of each year. Subsidiaries operating outside the United States are included for the three-month and twelve- month periods ended November 30 of each year. (2) As required, the estimated value of Merger-related in-process research and development charges (IPR&D) is expensed at acquisition date. In 2005, we expensed $1.7 billion of IPR&D, of which $1.4 billion related to our acquisition of Vicuron Pharmaceuticals, Inc. in the third quarter and $250 million related to our acquisition of Idun Pharmaceuticals, Inc. in the second quarter. In 2004, we expensed $1.1 billion of IPR&D, of which $920 million related to our acquisition of Esperion Therapeutics, Inc. in the first quarter. (3) Other (income)/deductions -- net in the fourth quarter of 2004 includes a charge of $691 million in connection with an intangible asset impairment related to Depo-Provera. Other (income)/deductions -- net in 2005 includes an impairment charge of $1.2 billion related to the developed technology rights and the write-off of machinery and equipment for Bextra, a selective COX-2 inhibitor. Other (income)/deductions -- net in 2004 includes a charge of $691 million in connection with an intangible asset impairment related to Depo-Provera and $369 million in connection with certain litigation- related charges. (4) Provision for taxes on income in 2005 includes tax benefits associated with the resolution of certain tax positions ($586 million) and taxes on the repatriation of foreign earnings ($1.7 billion). (5) In December 2005, we adopted the provisions of the Financial Accounting Standards Board (FASB) Interpretation No. 47, Accounting for Conditional Asset Retirement Obligations (FIN 47), a new accounting interpretation issued in March 2005. As a result, we recorded a non-cash pre-tax charge of $40 million ($25 million, net of tax) for costs associated with the eventual retirement of certain facilities. This charge is reported as a one-time cumulative effect of a change in accounting principle in the fourth quarter of 2005. PFIZER INC AND SUBSIDIARY COMPANIES RECONCILIATION FROM REPORTED NET INCOME AND REPORTED DILUTED EARNINGS PER SHARE TO ADJUSTED INCOME AND ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED) (millions of dollars, except per common share data) Fourth Quarter %Incr./ Full Year %Incr./ 2005 2004 (Decr.) 2005 2004 (Decr.) Reported net income $2,732 $2,825 (3) $8,085 $11,361 (29) Purchase accounting adjustments -- net of tax 572 831 (31) 3,973 3,389 17 Merger-related costs -- net of tax 227 323 (30) 624 786 (21) Discontinued operations -- net of tax (9) 46 * (16) (29) (45) Cumulative effect of a change in accounting principles -- net of tax 25 - * 25 - * Certain significant items -- net of tax 218 360 (39) 2,310 629 268 Adjusted income $3,765 $4,385 (14) $15,001 $16,136 (7) Reported diluted earnings per common share $0.37 $0.38 (3) $1.09 $1.49 (27) Purchase accounting adjustments -- net of tax 0.08 0.10 (20) 0.54 0.45 20 Merger-related costs -- net of tax 0.03 0.04 (25) 0.08 0.10 (20) Discontinued operations -- net of tax - 0.01 * - - * Cumulative effect of a change in accounting principles -- net of tax - - * - - * Certain significant items -- net of tax 0.03 0.05 (40) 0.31 0.08 288 Adjusted diluted earnings per common share $0.51 $0.58 (12) $2.02 $2.12 (5) * Calculation not meaningful. Certain amounts and percentages may reflect rounding adjustments. (1) The above reconciliation presents the three-month and twelve-month periods ended December 31 of each year. Subsidiaries operating outside the United States are included for the three-month and twelve-month periods ended November 30 of each year. (2) Adjusted Income and Adjusted diluted earnings per common share as shown above reflect the following items: (millions of dollars) Fourth Quarter Full Year 2005 2004 2005 2004 Purchase accounting adjustments, pre-tax: In-process research and development charges (a) $- $116 $1,652 $1,071 Intangible amortization and other (b) 805 835 3,295 3,285 Sale of acquired inventory written up to fair value (c) - 40 4 40 Total purchase accounting adjustments, pre-tax 805 991 4,951 4,396 Income taxes (233) (160) (978) (1,007) Total purchase accounting adjustments -- net of tax 572 831 3,973 3,389 Merger-related costs, pre-tax: Integration costs (d) 160 129 550 496 Restructuring costs (d) 161 338 393 697 Total merger-related costs, pre-tax 321 467 943 1,193 Income taxes (94) (144) (319) (407) Total merger-related costs -- net of tax 227 323 624 786 Discontinued operations, pre-tax: (Gain)/loss from discontinued operations (e) (11) 81 33 39 Gains on sales of discontinued operations (e) (5) (7) (77) (75) Total discontinued operations, pre-tax (16) 74 (44) (36) Income taxes 7 (28) 28 7 Total discontinued operations -- net of tax (9) 46 (16) (29) Cumulative effect of change in accounting principles -- net of tax 25 - 25 - Certain significant items, pre-tax Asset impairment charges and other costs associated with the suspension of selling Bextra (f) 16 - 1,232 - Litigation charge (g) - - - 369 Impairment of Depo-Provera intangible asset (g) - 691 - 691 Other legacy Pharmacia intangible asset impairment (g) - 11 - 11 Contingent income earned from 2003 sale of product-in- development (g) - (100) - (100) Operating results of divested legacy Pharmacia research facility (h) - - - 64 Restructuring charges - Adapting to Scale (d) 276 - 450 - Implementation costs - Adapting to Scale (i) 194 - 330 - Gain on disposals of investments (g) (134) - (134) - Asset impairment charges related to Elleste (g) 8 - 8 - Total certain significant items, pre-tax 360 602 1,886 1,035 Income taxes (106) (242) (654) (406) Resolution of certain tax positions (j) - - (586) - Tax impact for the repatriation of foreign earnings (j) (36) - 1,664 - Total certain significant items -- net of tax 218 360 2,310 629 Total purchase accounting adjustments, merger- related costs, discontinued operations, cumulative effect of change in accounting principles and certain significant items -- net of tax $1,033 $1,560 $6,916 $4,775 (a) Included in Merger-related in-process research and development charges. (b) Included primarily in Amortization of intangible assets. (c) Included in Cost of sales. (d) Included in Restructuring charges and merger-related costs. (e) Included in Discontinued operations -- net of tax. (f) Included in Cost of sales ($17 million), partially offset by Other (income)/deductions-net (($1) million) for the three months ended December 31, 2005, and included in Cost of sales ($73 million), Selling, informational and administrative expenses ($8 million) and Other (income)/deductions-net ($1.2 billion) for the twelve months ended December 31, 2005. (g) Included in Other (income)/deductions-net. (h) Included in Research and development expenses. (i) Included in Cost of sales ($87 million), Selling, informational and administrative expenses ($75 million), and Research and development expenses ($32 million) for the three months ended December 31, 2005, and included in Cost of sales ($124 million), Selling, informational and administrative expenses ($156 million), and Research and development expenses ($50 million) for the twelve months ended December 31, 2005. (j) Included in Provision for taxes on income. PFIZER INC AND SUBSIDIARY COMPANIES RECONCILIATION FROM HUMAN HEALTH REPORTED REVENUES TO HUMAN HEALTH ADJUSTED REVENUES (UNAUDITED) (millions of dollars) Worldwide Fourth Quarter %Incr./ Full Year %Incr./ 2005 2004 (Decr.) 2005 2004 (Decr.) Total Human Health revenues $11,655 $13,101 (11) $44,284 $46,133 (4) Celebrex 472 1,008 (53) 1,730 3,302 (48) Bextra (2) 417 * (61) 1,286 * Dynastat 8 14 (44) 34 46 (25) Accupril/Accuretic 44 165 (74) 294 665 (56) Neurontin 141 481 (71) 639 2,723 (77) Zithromax 382 672 (43) 2,000 1,842 9 Diflucan 128 139 (8) 498 945 (47) Human Health adjusted revenues $10,482 $10,205 3 $39,150 $35,324 11 U.S. Fourth Quarter %Incr./ Full Year %Incr./ 2005 2004 (Decr.) 2005 2004 (Decr.) Total Human Health revenues $6,240 $7,616 (18) $23,443 $26,583 (12) Celebrex 357 719 (50) 1,267 2,363 (46) Bextra (2) 346 * (82) 1,116 * Dynastat - - - - - - Accupril/Accuretic (25) 90 * 22 387 (94) Neurontin 27 352 (92) 159 2,198 (93) Zithromax 249 545 (54) 1,484 1,393 7 Diflucan (1) 1 * (17) 417 * Human Health adjusted revenues $5,635 $5,563 1 $20,610 $18,709 10 International Fourth Quarter %Incr./ Full Year %Incr./ 2005 2004 (Decr.) 2005 2004 (Decr.) Total Human Health revenues $5,415 $5,485 (1) $20,841 $19,550 7 Celebrex 115 289 (60) 463 939 (51) Bextra - 71 * 21 170 * Dynastat 8 14 (44) 34 46 (25) Accupril/Accuretic 69 75 (8) 272 278 (2) Neurontin 114 129 (11) 480 525 (9) Zithromax 133 127 5 516 449 15 Diflucan 129 138 (6) 515 528 (2) Human Health adjusted revenues $4,847 $4,642 4 $18,540 $16,615 12 * Calculation not meaningful. Certain amounts and percentages may reflect rounding adjustments. (1) Human Health adjusted revenues, which excludes the revenues of selective COX-2 inhibitors and major products which have lost exclusivity in the U.S. since the beginning of 2004, is an alternative view of our Human Health revenue performance and we believe that investors' understanding of Human Health revenue growth is enhanced by disclosing this performance measure. Zithromax, Neurontin, Diflucan and Accupril/Accuretic recently lost their U.S. exclusivity and, as is typical in the pharmaceutical industry, this has resulted in a dramatic decline in revenues due to generic competition. Celebrex and Bextra, as a result of a recent regulatory evaluation of the risks and benefits of all COX-2 medicines, have also experienced a significant decline in sales. Specifically, the regulatory review of and conclusions regarding Celebrex have resulted in a reduction in sales this year as physicians evaluate the evolving information on the risks and benefits of all NSAIDs and revised labeling, and on April 7, 2005, the FDA requested the suspension of Bextra sales and marketing based on its assessment of an unfavorable risk/benefit profile due to the additional increased risk of rare, serious skin reactions compared to other NSAIDs. We believe that excluding the impact of these products assists the reader in understanding the underlying strength of the balance of our diverse Human Health product portfolio in 2005. Because of its non-standardized definition, this adjusted Human Health revenues measure has limitations as it may not be comparable with the calculation of similar measures of other companies. This additional revenue measure is not, and should not be viewed as, a substitute for the U.S. GAAP comparison of Human Health revenue growth. PFIZER INC SEGMENT/PRODUCT REVENUES FOURTH QUARTER 2005 (UNAUDITED) (millions of dollars) WORLDWIDE U.S. INTERNATIONAL % % % 2005 2004 Chg 2005 2004 Chg 2005 2004 Chg TOTAL REVENUES 13,592 14,924 (9) 7,106 8,417 (16) 6,486 6,507 - HUMAN HEALTH 11,655 13,101 (11) 6,240 7,616 (18) 5,415 5,485 (1) - CARDIOVASCULAR AND METABOLIC DISEASES 5,068 5,077 - 2,787 2,810 (1) 2,281 2,267 1 LIPITOR 3,357 3,264 3 2,069 2,023 2 1,288 1,241 4 NORVASC 1,244 1,253 (1) 613 619 (1) 631 634 (1) CARDURA 146 168 (13) 2 1 107 144 167 (14) CADUET 65 15 323 63 15 317 2 - * ACCUPRIL/ ACCURETIC 44 165 (74) (25) 90 * 69 75 (8) - CENTRAL NERVOUS SYSTEM DISORDERS 1,673 2,020 (17) 1,023 1,364 (25) 650 656 (1) ZOLOFT 808 959 (16) 653 768 (15) 155 191 (19) GEODON/ ZELDOX 159 143 11 131 118 11 28 25 11 LYRICA 153 11 M+ 82 - * 71 11 567 NEURONTIN 141 481 (71) 27 352 (92) 114 129 (11) XANAX/XR 102 106 (3) 35 37 (5) 67 69 (2) ARICEPT ** 90 87 4 - - - 90 87 4 RELPAX 63 54 16 38 33 14 25 21 20 - ARTHRITIS AND PAIN 647 1,607 (60) 402 1,108 (64) 245 499 (51) CELEBREX 472 1,008 (53) 357 719 (50) 115 289 (60) BEXTRA (2) 417 * (2) 346 * - 71 * - INFECTIOUS AND RESPIRATORY DISEASES 1,110 1,339 (17) 513 776 (34) 597 563 6 ZITHROMAX/ ZMAX 402 675 (40) 262 545 (52) 140 130 7 ZYVOX 164 135 21 118 99 19 46 36 27 DIFLUCAN 128 139 (8) (1) 1 * 129 138 (6) VFEND 112 83 34 40 33 19 72 50 45 - UROLOGY 727 769 (5) 410 461 (11) 317 308 3 VIAGRA 430 469 (8) 212 248 (15) 218 221 (1) DETROL/ DETROL LA 283 285 (1) 193 207 (7) 90 78 15 - ONCOLOGY 497 453 10 167 182 (8) 330 271 22 CAMPTOSAR 237 189 25 124 123 1 113 66 69 ELLENCE 94 90 5 17 18 (4) 77 72 7 AROMASIN 71 49 44 25 17 44 46 32 44 - OPHTHALMOLOGY 362 353 2 116 123 (5) 246 230 7 XALATAN/ XALACOM 361 353 2 116 123 (5) 245 230 7 - ENDOCRINE DISORDERS 266 257 4 86 84 3 180 173 4 GENOTROPIN 204 200 2 60 57 7 144 143 - - ALL OTHER 997 981 2 553 554 (1) 444 427 5 ZYRTEC/ ZYRTEC D 327 349 (6) 327 349 (6) - - - - ALLIANCE REVENUE (Aricept, Macugen, Mirapex, Olmetec, Rebif and Spiriva) 308 245 26 183 154 19 125 91 37 CONSUMER HEALTHCARE 1,043 992 5 503 490 3 540 502 7 ANIMAL HEALTH 630 566 11 283 231 22 347 335 4 OTHER *** 264 265 - 80 80 - 184 185 - * - Calculation not meaningful. ** - Represents direct sales under license agreement with Eisai Co., Ltd. *** - Includes Capsugel and Pfizer CenterSource. M+ - Change greater than one-thousand percent. Certain amounts and percentages may reflect rounding adjustments. Certain 2004 data have been reclassified to conform to the 2005 presentation. PFIZER INC SEGMENT/PRODUCT REVENUES TWELVE MONTHS 2005 (UNAUDITED) (millions of dollars) WORLDWIDE U.S. INTERNATIONAL % % % 2005 2004 Chg 2005 2004 Chg 2005 2004 Chg TOTAL REVENUES 51,298 52,516 (2) 26,664 29,539 (10) 24,634 22,977 7 HUMAN HEALTH 44,284 46,133 (4) 23,443 26,583 (12) 20,841 19,550 7 - CARDIOVASCULAR AND METABOLIC DISEASES 18,732 17,412 8 10,036 9,256 8 8,696 8,156 7 LIPITOR 12,187 10,862 12 7,401 6,634 12 4,786 4,228 13 NORVASC 4,706 4,463 5 2,222 1,991 12 2,484 2,472 - CARDURA 586 628 (7) 7 6 6 579 622 (7) ACCUPRIL/ ACCURETIC 294 665 (56) 22 387 (94) 272 278 (2) CADUET 185 50 272 179 49 265 6 1 766 - CENTRAL NERVOUS SYSTEM DISORDERS 6,391 8,092 (21) 3,816 5,668 (33) 2,575 2,424 6 ZOLOFT 3,256 3,361 (3) 2,573 2,657 (3) 683 704 (3) NEURONTIN 639 2,723 (77) 159 2,198 (93) 480 525 (9) GEODON/ ZELDOX 589 467 26 483 385 26 106 82 29 XANAX/XR 409 378 8 141 123 14 268 255 5 ARICEPT ** 346 308 12 - - - 346 308 12 LYRICA 291 13 M+ 111 - * 180 13 M+ RELPAX 233 169 38 143 100 43 90 69 31 - ARTHRITIS AND PAIN 2,376 5,203 (54) 1,377 3,608 (62) 999 1,595 (37) CELEBREX 1,730 3,302 (48) 1,267 2,363 (46) 463 939 (51) BEXTRA (61) 1,286 * (82) 1,116 * 21 170 * - INFECTIOUS AND RESPIRATORY DISEASES 4,766 4,715 1 2,450 2,664 (8) 2,316 2,051 13 ZITHROMAX/ ZMAX 2,025 1,851 9 1,497 1,393 7 528 458 15 ZYVOX 618 463 33 438 339 29 180 124 44 DIFLUCAN 498 945 (47) (17) 417 * 515 528 (2) VFEND 397 287 38 140 118 18 257 169 53 - UROLOGY 2,684 2,634 2 1,497 1,539 (3) 1,187 1,095 9 VIAGRA 1,645 1,678 (2) 802 886 (10) 843 792 7 DETROL/ DETROL LA 988 904 9 675 633 7 313 271 15 - ONCOLOGY 1,996 1,502 33 701 629 12 1,295 873 48 CAMPTOSAR 910 554 64 471 449 5 439 105 317 ELLENCE 367 344 7 73 66 11 294 278 6 AROMASIN 247 143 73 85 41 109 162 102 58 - OPHTHALMOLOGY 1,373 1,227 12 432 419 3 941 808 16 XALATAN/ XALACOM 1,372 1,227 12 432 419 3 940 808 16 - ENDOCRINE DISORDERS 1,049 925 13 341 298 14 708 627 13 GENOTROPIN 808 736 10 239 208 15 569 528 8 - ALL OTHER 3,852 3,702 4 2,176 2,090 4 1,676 1,612 4 ZYRTEC/ ZYRTEC D 1,362 1,287 6 1,362 1,287 6 - - - - ALLIANCE REVENUE (Aricept, Macugen, Mirapex, Olmetec, Rebif and Spiriva) 1,065 721 48 617 412 50 448 309 45 CONSUMER HEALTHCARE 3,878 3,516 10 1,941 1,780 9 1,937 1,736 12 ANIMAL HEALTH 2,206 1,953 13 993 878 13 1,213 1,075 13 OTHER *** 930 914 2 287 298 (4) 643 616 4 * - Calculation not meaningful. ** - Represents direct sales under license agreement with Eisai Co., Ltd. *** - Includes Capsugel and Pfizer CenterSource. M+ - Change greater than one-thousand percent. Certain amounts and percentages may reflect rounding adjustments. Certain 2004 data have been reclassified to conform to the 2005 presentation. PFIZER INC SUPPLEMENTAL FINANCIAL INFORMATION 1) Impact of Foreign Exchange on Revenues
Changes in foreign-exchange rates in the fourth quarter of 2005 relative to the same period in the prior year had a nominally favorable impact on revenue growth of $36 million, or 0.2%. The weakness of the U.S. dollar relative to other currencies, primarily the euro, Canadian dollar, Brazilian real, and British pound, for the twelve months of 2005 compared to the twelve months of 2004 favorably impacted full-year 2005 revenues by $945 million, or 1.8%.
2) Impact of Accounting Calendar on Revenues
Pfizer's accounting calendar had three additional business days in the first quarter relative to 2004. Pfizer's second and third fiscal quarters of 2005 had the same number of business days as the prior year. The fourth quarter, however, had four fewer business days than the prior year (six fewer calendar days).
3) Change in Cost of Sales
Cost of sales as a percentage of revenues increased to 17.3% in the fourth quarter of 2005 from 15.8% in the fourth quarter of 2004. The increase in the cost of sales margin principally reflects unfavorable geographic, segment, and product mix; adverse changes in production volume; and AtS costs ($87 million); partially offset by a favorable impact of foreign exchange.
Cost of sales as a percentage of revenues increased to 16.6% for the twelve months of 2005 from 14.4% for the twelve months of 2004. The increase reflects unfavorable geographic, segment, and product mix; adverse changes in production volume; AtS costs ($124 million); and costs associated with Bextra ($73 million), among other factors.
4) Costs Relating to Adapting to Scale Productivity Initiative
Costs relating to the Adapting to Scale (AtS) initiative were $470 million and $780 million, pre-tax, for the three months and twelve months ended December 31, 2005. We expect the costs associated with this multi-year effort to continue through 2008 and to total $4 billion to $5 billion, on a pre-tax basis. The actions associated with the AtS initiative will include restructuring charges -- such as asset impairments, exit costs, and severance and severance-related costs -- and associated implementation costs, such as accelerated depreciation charges, primarily associated with plant network optimization efforts, and expenses associated with system and process standardization and the expansion of shared services.
5) Merger-Related Costs
Pharmacia merger-related costs totaled $928 million for 2005. Cumulative costs from 2002 through 2005 were $5.4 billion, consistent with expectations at the time of the acquisition. Merger-related synergies through 2005 totaled approximately $4.2 billion. Pharmacia merger-related initiatives are essentially complete, and we will not incur material Pharmacia merger-related costs going forward.
6) Other Income and Other Deductions ($ millions) Fourth Quarter Full Year 2005 2004* 2005 2004* Net Interest (Income) /Expense $(110) $(2) $ (269) $1 Various Litigation Matters 2 3 2 369 Impairment of Bextra -Related Long-Lived Assets (2) - 1,150 - Impairment of Depo-Provera Intangible Assets - 691 - 691 Other Intangible Asset Impairments 8 11 8 11 Royalties (102) (50) (369) (288) Contingent Income Earned from 2003 Sale of Product in Development - (100) - (100) Gains on Disposals of Investments/Product Lines (118) (10) (188) (16) Other, Net (1) 71 13 85 Other (Income)/Deductions -Net $(323) $614 $347 $753 * Certain 2004 amounts were reclassified to conform to the 2005 presentation.
In connection with the decision to suspend sales of Bextra in the first quarter of 2005, we recorded a charge of $1.1 billion relating to the impairment of Bextra's intangible assets for developed technology rights and the write-off of machinery and equipment of $5 million.
In the third quarter of 2004, Pfizer recorded a litigation-related charge of $369 million related to the resolution of claims against Quigley Company, Inc., a wholly owned subsidiary of Pfizer.
In the fourth quarter of 2004, we recorded a non-cash charge of $691 million upon determining that an indefinite-lived intangible asset relating to Depo-Provera had become impaired.
7) Effective Tax Rate
The effective tax rate used in calculating reported income for 2005 is 29.7%. The effective tax rate used in calculating adjusted income(1) is 22.2%. The difference between the adjusted tax rate and the reported tax rate primarily reflects the tax impact on foreign earnings repatriated pursuant to the American Jobs Creation Act, resolution of certain tax positions, as well as the tax impacts of purchase accounting and the Bextra impairment.
8) Share-Purchase Program
We believe that purchase of our stock is an excellent investment opportunity. Since the beginning of 1999, Pfizer has purchased more than $35.6 billion of its common stock. In the second quarter of 2005, the company completed the $5 billion share-purchase program authorized in October 2004. On June 23, 2005, Pfizer announced the authorization of a new $5 billion share-purchase program. By the end of 2005, Pfizer had purchased approximately 22 million shares valued at approximately $493 million under the new program. In total, the company purchased nearly 144 million shares of common stock, valued at $3.8 billion, during 2005. We remain committed to completing our new $5 billion share-purchase program.
DISCLOSURE NOTICE: The information contained in this document and the attachments is as of January 19, 2006. The Company assumes no obligation to update any forward-looking statements contained in this document or the attachments as a result of new information or future events or developments.
This document and the attachments contain forward-looking information about the Company's financial results and estimates, business prospects, in- line products and products in research that involve substantial risks and uncertainties. You can identify these statements by the fact that they use words such as "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "forecast", and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Among the factors that could cause actual results to differ materially are the following:
* the success of research and development activities; * decisions by regulatory authorities regarding whether and when to approve our drug applications as well as their decisions regarding labeling and other matters that could affect the commercial potential of our products; * the speed with which regulatory authorizations, pricing approvals and product launches may be achieved; * competitive developments affecting our current growth products; * the ability to successfully market both new and existing products domestically and internationally; * difficulties or delays in manufacturing; * trade buying patterns; * the ability to meet generic and branded competition after the loss of patent protection for our products or for competitor products; * the impact of existing and future regulatory provisions on product exclusivity; * trends toward managed care and health care cost containment; * possible U.S. legislation or regulatory action affecting, among other things, pharmaceutical pricing and reimbursement, including under Medicaid and Medicare, the importation of prescription drugs that are marketed outside the U.S. and sold at prices that are regulated by governments of various foreign countries, and the involuntary approval of prescription medicines for over-the-counter use; * the potential impact of the Medicare Prescription Drug, Improvement and Modernization Act of 2003; * legislation or regulations in markets outside the U.S. affecting product pricing, reimbursement or access; * contingencies related to actual or alleged environmental contamination; * claims and concerns that may arise regarding the safety or efficacy of in-line products and product candidates; * legal defense costs, insurance expenses, settlement costs and the risk of an adverse decision or settlement related to product liability, patent protection, governmental investigations, ongoing efforts to explore various means for resolving asbestos litigation and other legal proceedings; * the Company's ability to protect its patents and other intellectual property both domestically and internationally; * interest rate and foreign currency exchange rate fluctuations; * governmental laws and regulations affecting domestic and foreign operations, including tax obligations; * changes in generally accepted accounting principles; * any changes in business, political and economic conditions due to the threat of future terrorist activity in the U.S. and other parts of the world, and related U.S. military action overseas; * growth in costs and expenses; * changes in our product mix; and * the impact of acquisitions, divestitures, restructurings, product withdrawals, and other unusual items, including our ability to integrate and to obtain the anticipated results and synergies from our acquisition of Pharmacia, and our ability to realize the projected benefits of our Adapting to Scale multi-year productivity initiative.
A further list and description of these risks, uncertainties and other matters can be found in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2004, and in its reports on Forms 10-Q and 8-K.
This document includes discussion of certain clinical studies relating to various in-line products and/or product candidates. These studies typically are part of a larger body of clinical data relating to such products or product candidates, and the discussion herein should be considered in the context of the larger body of data.
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To retrieve a logo, please call 972-392-0888
siehe:
http://finance.yahoo.com/q/ecn?s=PFE
Pro Aktie lag das Ergebnis bei 0,37 Dollar nach 0,38 Dollar im gleichen Zeitraum des Vorjahres. Auf bereinigter Basis wies Pfizer ein Ergebnis pro Aktie von 0,51 Dollar (VJ: 0,58) aus. Analysten hatten mit einem Gewinn je Aktie 0,42 Dollar gerechnet. Einen Ausblick auf das laufende Geschäftsjahr gab Unternehmenschef Hank McKinnell nicht. Nach einem kräftigen Ergebnisrückgang im dritten Quartal hatte Pfizer seine Prognosen für 2006 und 2007 zurückgezogen./zb
ISIN US7170811035
19.01.2006 - 13:06 Uhr
Pfizer verfehlt mit Gewinn im 4. Quartal Analystenerwartung
NEW YORK (Dow Jones)--Die Pfizer Inc, New York, hat mit einem Nettoergebnis je Aktie von 0,37 (0,38) USD im vierten Quartal die Erwartung der Analysten verfehlt. Diese hatte für den Pharmakonzern im Mittel einen Gewinn je Anteilsschein von 0,42 USD vorhergesagt. Dank Kostensenkung und höherer Umsätze bei einigen wichtigen Medikamenten sei die eigene Prognose übertroffen worden, teilte Pfizer am Donnerstag mit.
Gleichzeitig warnte sie davor, dass die Faktoren, die die Entwicklung 2005 gefördert hätten, 2006 ganz anders aussehen könnten. Für das Jahr 2006 werde Pfizer wegen der bestehenden Unsicherheiten frühestens am 10. Februar eine Prognose nennen.
DJG/DJN/bam/cb
""While we are pleased that Pfizer's performance in 2005 exceeded previous
expectations, investors should be aware that the factors driving Pfizer's
performance may differ materially in 2006," Dr. McKinnell added.""
Demzufolge stehen grundlegende Veränderungen an. Was McKinnell damit meint,
ist mir unklar. Habe ich etwas überlesen?
Umsatz (Mrd) 13,592 14,924
Nettoergebnis
- vor ao Posten (Mrd) 3,765 4,385
- nach ao Posten (Mrd) 2,732 2,825
Ergebnis/Aktie
- vor ao Posten 0,51 0,58
- nach ao Posten 0,37 0,38
- Alle Angaben in USD.
- Bei den verwässerten Angaben sind neben der Zahl der
umlaufenden Aktien auch die ausübbaren Optionen,
Wandelschuldverschreibungen, Vorzugsaktien und
ähnliche Instrumente einbezogen.
Die Erlöse sanken um 9% auf 13,59 Milliarden Dollar. Die weltweiten Einnahmen aus dem Cholesterinsenker Lipitor stiegen gegenüber dem Vorquartal um 3% auf 3,4 Milliarden Dollar, während jene aus Viagra (Nachrichten/Aktienkurs) um 8% schrumpften.
Die von Thomson First Call erhobenen durchschnittlichen Analystenschätzungen liegen bei einem Gewinn von 42 Cents und Erlösen von nahe 13,2 Milliarden Dollar.
Laut Chairman und CEO Hank McKinnell endete eines der bislang schwierigsten Jahre der Unternehemensgeschichte positiv.
Pfizer legen vorbörslich um 3,4% auf 24,83 Dollar zu
-------------------------------------
Gleichzeitig warnte sie davor, dass die Faktoren, die die Entwicklung 2005 gefördert hätten, 2006 ganz anders aussehen könnten. Für das Jahr 2006 werde Pfizer wegen der bestehenden Unsicherheiten frühestens am 10. Februar eine Prognose nennen.
---------------------------------------
?????????
Einen Ausblick auf die Strategie, die Prognosen und die Produkte am Markt und in der Entwicklung will der Pharmakonzern auf einer Analystenkonferenz am 10. Februar in New York präsentieren.
2005 sei rückblickend das schwierigste Jahr in der Geschichte von Pfizer gewesen - von der "alten Pfizer", sagte McKinnell weiter. Pfizer kündigte gleichzeitig eine Erhöhung der Quartalsdividende um 26 Prozent auf 24 Cent pro Aktie an.
Der Pharmakonzern sieht sich einer scharfen Konkurrenz für seine Produkte ausgesetzt. Bis 2008 enden bei dem Pharmagiganten Medikamentenpatente mit einem Jahresumsatz von zusammen 14 Milliarden Dollar. Der US-Konzern will auch deshalb bis 2008 vier Milliarden Dollar an jährlichen Kosten sparen.
Im Dezember hatte Pfizer jedoch eine wichtige Patentklage gegen die Generika-Firma Ranbaxy für seinen Kassenschlager, das Cholesterin-Medikament Lipitor gewonnen. Lipitor ist mit einem Jahresumsatz von mehr als 12 Milliarden Dollar das mit Abstand umsatzstärkste Medikament der Welt.
Im vierten Quartal spülte Lipitor einen Umsatz von 3,4 Milliarden Dollar, ein Plus von 3 Prozent, in die Kassen. Dagegen ging der Umsatz mit der Potenzpille Viagra (Nachrichten/Aktienkurs) im Schlussquartal um 8 Prozent zurück. Beim in die Kritik geratenen Schmerzmittel Celebrex brach der Umsatz von 1,008 Milliarden Dollar auf 472 Millionen Dollar ein./ep/zb
Wer den Dollar-Kurs bei Pfizer außer acht lässt (wie auch Du, lieber Fuzzi), fischt im Trüben.
Cost Cuts Fuel Pfizer
By TSC Staff
1/19/2006 7:01 AM EST
Pfizer (PFE:NYSE) posted a stronger-than-expected fourth quarter, citing heavy cost cutting.
The New York-based drugmaker said it made $2.73 billion, or 37 cents a share, for the quarter ended Dec. 31, down from the year-ago $2.83 billion, or 38 cents a share. But on a so-called adjusted basis, excluding certain costs, latest-quarter earnings were 51 cents a share, easing past the 42-cent analyst consensus estimate compiled by Thomson First Call. Revenue fell 9% from a year ago to $13.6 billion but beat the $13.2 billion Thomson estimate.
"Pfizer's earnings performance in the fourth quarter reflected operational flexibility, exceeding the estimate we announced in October 2005 for a number of reasons," said Alan Levin, senior vice president and chief financial officer. "Human Health revenues were stronger than previously forecast, reflecting an unexpected two-week delay in the introduction of azithromycin (Zithromax) generics in the U.S., strong early market acceptance of Lyrica, and better-than-anticipated performance in certain key markets (Japan and Germany) and in certain key products (Zyrtec and Norvasc).
"Cost of sales for the quarter remained under pressure, although the impact of changes in the geographic, product, and segment mix of our products was partially mitigated by the favorable impact of foreign exchange during the quarter. The modest rate of growth in selling, informational and administrative expenses and the decline in research and development expenditures is due in part to greater savings associated with our Adapting to Scale initiative. For the full year, AtS savings of approximately $800 million were realized, double our original goal for the year. We also achieved approximately $4.2 billion in synergies through 2005 in connection with our acquisition and integration of Pharmacia Corporation."
Worldwide sales of Lipitor totaled $3.4 billion in the fourth quarter, reflecting growth of 3% over the previous year's quarter, a difficult comparison in light of Lipitor's 23% revenue growth in the fourth quarter of 2004, exacerbated by four fewer business days in the 2005 quarter. Full-year sales of $12.2 billion reflected 12% growth over 2004.
Worldwide full-year 2005 Viagra sales declined 2%. Fourth-quarter 2005 sales declined 8% , versus the comparable period in 2004, reflecting slower growth in the overall erectile-dysfunction market and competition from other products.
Loss of exclusivity in the U.S. of certain key medicines, uncertainty related to Celebrex, and the suspension of Bextra sales cumulatively reduced 2005 worldwide revenue by $5.7 billion, Pfizer said. As a result, total Pfizer Human Health revenue declined $1.8 billion, or 4% , for full-year 2005 compared to full-year 2004. In the U.S., Human Health revenue declined 12% for the full-year 2005 compared to the same period in 2004.
Excluding the major medicines that lost exclusivity in the U.S. in 2004 and 2005 and the selective COX-2 inhibitors, Human Health adjusted revenue rose 11% worldwide and 10% in the U.S. for full-year 2005. The company pointed to the successful launches of seven new medicines over the past two years -- Inspra, Caduet, Olmetec, Macugen, Revatio, Zmax, and Lyrica -- that generated $284 million in fourth-quarter 2005 revenue and $632 million in full-year 2005 revenue worldwide.
[Demnach stehen in 2005 Einnahmen aus sieben neuen Medikamenten in Höhe von insgesamt 632 Millionen Dollar Umsatzrückgänge aus Patentausläufen von 5,7 Mrd. Dollar gegenüber, das ergibt per Saldo ein Umsatz-Minus von rund 5,1 Mrd. 800 Millionen wurden durch das AtS-Programm eingespart. Bleibt zu hoffen, dass die in 2006 kommenden Medikamente die Lücken besser auffüllen - A. L.]
The news comes as investors anxiously await the company's 2006 guidance, due to be unveiled before analysts at a meeting next month.
"While we are pleased that Pfizer's performance in 2005 exceeded previous expectations, investors should be aware that the factors driving Pfizer's performance may differ materially in 2006," CEO Hank McKinnell said. "We look forward to providing a full briefing on our 2006 financial guidance, strategy, products, and pipeline at our analyst meeting in New York on Feb. 10. We enter the new year with renewed determination to capitalize on all the opportunities we see to bring our innovative medicines to those who need them."
To view Robert Martorana's video preview of today's call, click here.
Dollar achte. Ich starre schon pausenlos drauf, hab schon Triefaugen.
Wer einen so klaren Durchblick hat wie ich, darf ruhig mal im Trüben
fischen...;-?
Apropos fischen: bis jetzt war's nix mit dem Traden. Was machst Du, wenn
es nun weiter aufwärts geht? Zugestehn, daß Du mit Zitronen gehandelt hast
und wieder einsteigen - oder so wie bei ALSTOM beleidigt draußen bleiben?
(Krieg ich jetzt Karzer?)
In der Sparte Humanmedizin sank der Umsatz um 11% auf 11,66 (13,10) Mrd USD. Entgegen dem Trend legte das wichtigste Mittel von Pfizer, der Cholesterinsenker "Lipitor" um 3% auf 3,4 Mrd USD zu. Analysten beurteilen die Zukunftsaussichten des Produkts mit Blick auf die anstehende Markteinführung
des Generikums "Zocor" allerdings skeptisch.
Das Schmerzmittel "Celebrex" verbuchte hingegen einen Umsatzeinbruch um 53% auf 0,47 (1,0) Mrd USD, nachdem es wegen möglicher Herz-/Kreislauf-Nebenwirkungen in die Schlagzeilen geraten war.
Der Umsatz mit "Viagra" ging um 8% auf 430 Mio USD zurück.
Die jetzigen Zahlen sind mittelmäßig, gegenüber dem Vorjahr sank der Gewinn um 1 Cent. Ob das reicht, den Kurs bei 25 USD zu halten oder höher zu bringen, wird sich heute zeigen. In diesen Zahlen ist ja bereits eine Umsatzsteigerung bei Lipitor um ca. 3 % enthalten. Was wird passieren, wenn der Lipitor-Umsatz im Herbst wegen der Zocor-Generika um 50 % einbricht? Dann sind plötzlich 6 Mrd. weniger in der Kasse. Selbst die perfekte Umsetzung der Entlassungspläne sieht für 2006 Einsparungen von nur 2 Mrd. Dollar vor. Ob die kommenden sechs Medikamente die Lücken aus möglichen Lipitor-Rückgängen und anderen Patentausläufen schließen, ist fraglich: Die sieben in letzter Zeit eingeführten Medikamente (s. P. 1370) haben ZUSAMMEN nur 632 Mio. Umsatz erzielt.
Ich bleibe daher vorerst skeptisch, gönne Euch allen aber etwaige Kurs-Gewinne.
Rechnet man das linear auf 1 Jahr hoch, so wären -ohne künftige
Veränderungen- in den kommenden 4 Quartalen rund 2,-USD p.S. zu
erwarten. Das wäre per heute ein KGV von 12,5.
Ich finde, damit wäre die Aktie fair bewertet, hätte also kaum
mehr Potential. Wer kann das widerlegen?