Share Trading - Pfizer
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Pfizer Results and Rumors
Pfizer Inc. has announced a 48% fall in year-over-year profit in Q2, caused by losing patent exclusivity for its Zoloft and Norvasc drugs and sluggish U.S. sales of cholesterol drug, Lipitor.
It nevertheless reaffirmed guidance for 2007 and 2008.
Net income fell to $1.27 bn, from $2.42 bn, a year ago.
Revenue fell 6% to $11.08 billion from $11.74 billion.
Results were below analysts' expectations of $11.4 billion.
The company has repurchased $5 bn shares in the first half of the year and it has plans to buy back a further $5 bn in stock in H2.
The rumor is that Pfizer is about to take a stake in RNAi company Silence Therapeutics (SLN), which will be announced Monday.
On 6 July Silence announced a $400 million dollar deal with AstraZeneca which included a $10 million investment at 146p per share. The share price promptly fell after that announcement, but in the last 2 days has recovered strongly (around 20%) on rumours of news to come.
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