Pfizer today reported a net loss in the second quarter, as costs from its $60 billion acquisition in April of Pharmacia weighed on results.
The world's largest drugmaker reported a loss of $3.59 billion, or 48 cents per share. A year ago, it earned $1.96 billion, or 32 cents per share.
Pfizer, which makes anti-impotence drug Viagra and epilepsy drug Neurontin, affirmed its estimates for 2003 earnings, excluding items, of about $1.73 per share and said 2004 earnings would be about $2.13 per share.
Sales in the current quarter, which included Pharmacia sales for part of the period, rose 37 per cent to $9.99 billion. Pfizer said growth was fuelled by cholesterol fighter Lipitor and Norvasc for high blood pressure, whose sales both rose 13 per cent in the quarter.
Pfizer said a weak dollar, which increases the value of goods sold in overseas markets, boosted sales of Pfizer products by $365 million in the period.
Pfizer said it sees cost savings from the Pharmacia acquisition approaching $4 billion in 2005.