Pfizer Inc. (NYSE: PFE), which has a growing presence in North Carolina, said Tuesday that its second-quarter profit rose 5 percent despite slightly lower sales, thanks to lower taxes and reduced restructuring charges from its 2009 purchase of Wyeth.
The world’s biggest drugmaker said its net income was $2.61 billion, or 33 cents per share, up from $2.48 billion, or 31 cents a share, in 2010’s second quarter.
Excluding one-time items, the New York-based maker of cholesterol fighter Lipitor and impotence pill Viagra would have made $4.73 billion, or 60 cents a share.
Analysts surveyed by FactSet were expecting earnings per share of 59 cents.
Pfizer said its revenue totaled $16.98 billion, down 1 percent despite strong growth in emerging markets. Analysts were looking for revenue of $17.02 billion.
“Our performance this quarter was in-line with our expectations,” Chief Executive Ian Read said in a statement, noting that generic competition hurt several products. “The fundamentals of our business remain strong. We will continue to invest in areas that will enhance our presence, expand the breadth of our portfolio and position our businesses to better capitalize on high-growth opportunities.”
The company maintained its 2011 profit forecast, for adjusted earnings per share of $2.16 to $2.26, with revenue of $65.2 billion to $67.2 billion. Including one-time charges, Pfizer expects earnings per share of $1.09 to $1.24. Analysts expect $2.25 per share and revenue of $66.68 billion, on average.
Pfizer operates a large drug production plant in Sanford, which was part of its acquisition of Wyeth in 2009.
The company is also acquiring Triangle-based Icagen.
Since the Wyeth deal closed, Pfizer has shut down a research and development operation in Sanford and announced plans to cut the workforce at the facility to 400 from 800 by 2015.
The company says the Sanford plant is becoming its “primary side for clinical and commercial launch supplies of new vaccines.”
The Sanford plant manufactures Preznar, a vaccine for a variety of multiple diseases in children.
Pfizer also operates two facilities in North Carolina as part of Pfizer Animal Health – the former Embrex labs in RTP and a former Embrex production facility in Laurinburg.
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