Pfizer experiences revenue growth across China

Pfizer Inc. announced today financial results for first quarter 2012. Revenues for the first quarter were $15.4 billion, a decrease of 7%compared with $16.5 billion in the 2011 quarter, which reflects an operational decline of $1.0 billion, or 6%, and the unfavourable impact of foreign exchange of $57 million, or less than 1%.

For first quarter 2012, US revenues were $6.0 billion, a decrease of 15% compared with the 2011 quarter, primarily as a result of the US loss of exclusivity of Lipitor on November 30, 2011. International revenues were $9.5 billion, consistent with the prior-year quarter, which reflects 1% operational growth and a 1% unfavourable impact of foreign exchange.

US revenues represented 39% of total revenues in first-quarter 2012 compared with 43% in the 2011 quarter, while international revenues represented 61% of total revenues in first-quarter 2012 compared with 57% in the 2011 quarter.

"I am pleased with our first-quarter 2012 financial performance, which was driven primarily by growth in certain brands including Celebrex, Enbrel and Lyrica, growth in key geographies such as China, as well as our continued ability to realize cost savings and efficiently allocate our shareholders' capital," said Ian Read, Chairman and Chief Executive Officer

Emerging Markets unit revenues grew 9% operationally in comparison with first-quarter 2011, primarily due to continued volume growth across the product portfolio, predominantly in China. Nutrition unit revenues also had China to thank for an increase of 8% operationally in comparison with the same quarter last year, driven by the continued benefits from successful new product launches and increased promotional activities.

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