Bextra Bombs Pfizer during the 1Q
Pfizer released their first quarter earnings and those earnings plummeted 87% largely due to the Food and Drug Administration booting Bextra from the market place because of concerns with drug connected to heart attacks and skin problems. The world’s largest drug manufacturer claimed this and other charges played the main role in its significant earnings drop.
Pfizer earned 4 cents a share or $301 million down a mountain from the 2.3 billion during the same earnings period a year ago although revenues were up about half a billion from the same period.
Revenue were driven by Lipitor, a cholesterol drug, and rose 23% to $3.1 billion and Zithromax, an antibiotic, jumped 71% to $797 million.
Sales for the Cox-2 inhibitors Celebrex and Bextra have dropped tremendously as both drugs received much scrutiny over possibly causing heart problems. Figures show Celebrex down 47% to $411 million and Bextra bottomed out 79% to $56 million.
Pfizer said that because of these charges, they were forced to revise their predictions dropping total 2005 earnings to $1.98 a share versus $2 a share which both are down from last year’s $2.12 a share.
John Stith is a staff writer for WebProNews covering technology and business.