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Invertired Finanzas Forex
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Income/(loss) from discontinued operations--net of tax 2 - foreign exchange forex hedge trading - (2 ) - - Gains/(losses) on sales of discontinued operations--net of tax 38 foreign exchange - - (38 ) - - Discontinued operations--net of tax 40 - - (40 ) currency market - - Net income $ 266 $ 441 $ 9 $ (40 ) $ 3,713 $ forex 4,389 Earnings per com share - diluted. These successes have provided the ideal platform from which we €™re advancing Pfizer forward. Our combined company will be one of the most diversified in the industry and will benefit from complementary patient-centric units that match speed forex micro trading with the benefits of a global company €™s scale and resources, € continued Kindler. Reported revenues accounted for 42% of the total compared with 48% in the year-ago period, while international reported revenues accounted for 58% of the total compared with 52% in the year-ago period. This also assumes a reduction in revenues of approximately $3.0 billion compared with money market 2008 directly related to the strengthening of best foreign exchange the U.S. Product Performance ($ in millions, except percentages) Fourth-Quarter Full-Year 2008 2007 Change 2008 2007 Change In-Line Products(4) $10,132 $10,061 forex micro trading 1% $ 39,635 $ 37,424 6% New Products(5) 451 468 (4%) 1,820 1,489 22% Total In-Line and New Products(6) forex 10,583 10,529 1% 41,455 38,913 7% Loss of Exclusivity Products(7) 658 1,173 2,936 5,511 forex trading (47%) (44%) Returns Adjustment -- -- -- (217) -- Total Pharmaceutical 11,241 11,702 (4%) 44,174 44,424 (1%) forex markets Animal Health 783 785 -- 2,825 2,639 7% Other(8) 322 383 (16%) 1,297 forex trade 1,355 (4%) Total Revenues $ 12,346 $12,870 (4%) $ 48,296 forex markets $ 48,418 -- forex signal providers review See end of text prior to tables for online forex notes. 30% Reported Diluted EPS(10) $1.20 $1.34 to $1.49 Adjusted Diluted EPS(1) $2.42 $1.85 to $1.95 For additional details, please see the attached money market financial schedules, product revenue tables, supplemental information and disclosure notice.
In the U.S., Sutent revenues were $66 million, an increase of 5% year over year, while international revenues were $154 million, an increase of 30%. (2) Represents primarily currency market the total of Adjusted Cost of Sales(1), Adjusted SI&A expenses(1) and Adjusted R&D expenses(1). 2008 Actual 2009 Guidance Adjusted Revenues(1) $48.3 billion fx trading $44.0 to $46.0 billion Adjusted Cost of Sales(1) as a Percentage of Revenues 14.6% 14.5% to 15.5% Adjusted SI&A Expenses(1) foreign exchange market $14.0 billion $13.5 to $14.0 billion Adjusted R&D Expenses(1) $7.5 billion $7.1 to $7.5 billion Adjusted Other (Income)/Deductions(1) foreign exchange market ($1.4 billion) ($500 to $700 million) Effective Tax Rate on Adjusted Income(1) 22.0% Approx. forex forex brotherhood trading Notwithstanding an extremely competitive and increasingly challenging environment in 2008, we made significant progress by. As part of this cost-reduction initiative, Pfizer intends to reduce its workforce by approximately 10%. Full-year 2008 adjusted income(1) and adjusted diluted EPS(1) were primarily impacted fx trading by the favorable impact of foreign exchange and savings from cost-reduction initiatives.
Amortization expense related to acquired intangible assets that are associated with a single function are included in Cost of sales, Selling, informational and administrative expenses or Research and development expenses, as appropriate. In the U.S., Lipitor revenues were $1.6 billion, a decrease of 13% compared with the prior-year quarter. Full-year revenues were favorably impacted by foreign exchange of approximately forex trade $1.6 billion, or 3%, and the solid performance of many key products. Full-year 2008 revenues were unfavorably impacted by the aforementioned loss of exclusivity of Norvasc, Zyrtec and Camptosar, partially offset by revenues from in-line and new products(6), which increased 7% from the prior year. Lyrica revenues in fourth-quarter 2008 were $702 million, a year-over-year increase trading forex of 25%, driven by strong physician prescribing patterns and patient satisfaction, as well as increased use of Lyrica for fibromyalgia in the U.S., where the product continues to build on its leadership position for this indication. PFE - News) today reported trading forex financial results for fourth-quarter and full-year 2008.
As required through , the estimated value of Acquisition-related in-process research and development charges (IPR&D) is expensed at acquisition date. (d) Included in Revenues in the third quarter of 2008 and reflects an adjustment to the prior years' liability for product returns. online forex trading Foreign exchange positively impacted fourth-quarter 2008 by $103 million and negatively impacted full-year 2008 by $379 million compared with the respective year-ago periods. This decrease was primarily attributable to the negative impact of the loss of U.S.
(g) Included in Provision for taxes on income and for the full year ended , includes approximately $426 million recorded in the second quarter of 2008 related to the sale of one of our biopharmaceutical companies (Esperion Therapeutics Inc.). Income/(loss) from discontinued forex market operations--net of tax (3 ) - - 3 - - Gains/(losses) online forex on sales of discontinued operations--net of tax (66 ) - - 66 - - Discontinued operations--net of tax (69 ) - - best forex 69 - - Net income $ 8,144 $ 2,511 $ forex market 10 $ 69 $ 4,379 $ 15,113 Earnings per com share - diluted. See the table accompanying this report. Reductions will span sales, manufacturing, research and development, and administrative organizations. (1) "Adjusted income" and its components and "adjusted diluted earnings per share (EPS)" are defined as reported online forex trading forex trading software reviews net income and its components and reported diluted EPS excluding purchase-accounting adjustments, acquisition-related costs, discontinued operations and certain significant items.
PFIZER INC AND SUBSIDIARY COMPANIES NOTES TO RECONCILIATION OF REPORTED NET INCOME AND ITS COMPONENTS AND REPORTED DILUTED EPS TO ADJUSTED INCOME AND ITS COMPONENTS AND ADJUSTED DILUTED EPS (UNAUDITED) 1) best forex Amortization expense related to acquired intangible assets that contribute to our ability to sell, manufacture, research, market and distribute our products are included in Amortization of intangible assets as they benefit multiple business functions. (b) Included in Cost of sales ($225 million), Selling, informational and administrative expenses ($143 million), Research and development expenses ($85 million), and Other (income)/deductions - net ($12 million) for the three months ended. (e) The financial results for the full year ended , include charges primarily related to the decision to exit Exubera which are comprised of approximately $1.1 billion of intangible asset impairments, $661 million of inventory write-offs, $454 million of fixed asset impairments and $578 million of other exit costs. Adjusted Revenues, Adjusted Cost of Sales, Adjusted SI&A expenses, Adjusted R&D expenses and Adjusted Other (Income)/Deductions-net are income statement line items prepared on the same basis, and therefore, components of the overall adjusted income measure. €œIn 2009, Pfizer expects to generate revenues of $44.0 to $46.0 billion, and adjusted diluted EPS(1) of $1.85 to $1.95, which includes most of the anticipated $1 billion investment intended to create new sources of revenue.
Basic 6,720 6,774 6,727 6,917 Diluted 6,739 6,792 6,750 6,939 (a) Exclusive of amortization of intangible assets, except as discussed in footnote 4 below. Income from continuing operations $ 0.40 $ 0.07 $ - $ - $ 0.03 $ 0.50 Discontinued operations--net of tax - - - - - - Net income $ 0.40 $ 0.07 $ - $ - $ 0.03 $ 0.50 Twelve Months Ended Purchase Acquisition- Certain forex system selector review Accounting Related Discontinued Significant Reported Adjustments Costs Operations Items(2) Adjusted Revenues $ 48,418 $ - $ - $ - $ (209 ) $ 48,209 Costs and expenses. Full-year 2008 Animal Health revenues were $2.8 billion, an increase of 7% compared with $2.6 billion in 2007, driven by strong global livestock and companion animal product performance. Adjusted revenues(1) in both periods were positively impacted by the solid performance of key products, and negatively impacted tax exempt money market funds by the loss of exclusivity of Norvasc, Zyrtec and Camptosar. Included in Revenues ($75 million), Cost of sales ($73 million), Selling, informational and administrative expenses ($3 million), and Other (income)/deductions - net ($3 million income) for the three months ended.
Certain amounts and percentages may reflect rounding adjustments. (5) Represents worldwide revenues for pharmaceutical products launched since 2006. These charges include approximately $1.1 billion of intangible asset impairments, $661 million of inventory write-offs, $454 million of fixed asset impairments, and $578 million of other exit costs. Reported revenues accounted for 43% of the total compared with 44% in the year-ago quarter, while international reported revenues accounted for 57% of the total compared with 56% in the year-ago quarter. Reported revenues were $5.3 billion in fourth-quarter 2008, a decrease of 8% compared with the year-ago quarter. In addition, results were unfavorably impacted by an increased effective tax rate, as well as an increase in pre-tax charges of $1.2 billion ($700 million after-tax) associated with cost-reduction initiatives, which were partially offset by savings from those initiatives.
Income from continuing operations $ 0.03 $ 0.40 (93 ) $ 1.19 $ 1.19 - Discontinued operations--net of tax 0.01 - 0.01 (0.01 ) Net income $ 0.04 $ 0.40 (90 ) $ 1.20 $ 1.18 2 Earnings per com share - diluted. Fourth Quarter Twelve Months (millions of dollars) 2008 2007 2008 2007 Restructuring charges - Cost-reduction initiatives(a) $ 1,549 $ 256 $ 2,626 $ 2,523 Implementation costs - Cost-reduction initiatives(b) 465 525 1,605 1,389 Legal matters(c) 2,313 (5 ) 3,249 56 Returns liability adjustment(d) - - 217 - Asset impairment charges and other associated costs(e) 98 (6 ) 213 2,798 Consumer Healthcare business transition activity(f) (4 ) (2 ) (7 ) (26 ) Other 53 (273 ) 187 (230 ) Total certain significant items, pre-tax 4,474 495 8,090 6,510 Income taxes(g) forex charts historical (761 ) (319 ) (2,228 ) (2,131 ) Total certain significant items--net of tax $ 3,713 $ 176 $ 5,862 $ 4,379 (a) Included in Restructuring charges and acquisition-related costs. Both adjusted income(1) and adjusted diluted EPS(1) were positively impacted by savings associated with our cost-reduction initiatives and higher fourth-quarter 2007 spending levels in comparison with fourth-quarter 2008, partially offset by an increase in the effective tax rate. € €œAs part of this advancement, today we announced that we have entered into an agreement to acquire Wyeth to create the world €™s premier biopharmaceutical company. Reconciliations of fourth-quarter 2008 and 2007 and full-year 2008 and 2007 adjusted income and its components and adjusted diluted EPS to reported net income and its components and reported diluted EPS, as well as reconciliations of full-year 2009 adjusted income and adjusted diluted EPS guidance to full-year 2009 reported net income and reported diluted EPS guidance, are provided in the materials accompanying this report.
Included in Cost of sales ($700 million), Selling, informational and administrative expenses ($334 million), Research and development expenses ($416 million), and Other (income)/deductions - net ($61 million income) for the full year ended. Other (income)/deductions--net for the full year ended , includes charges of approximately $900 million, recorded in the third quarter of 2008, associated with the resolution of certain litigation involving our non-steroidal anti-inflammatory pain medicines and charges of approximately $2.3 billion, recorded in the fourth quarter of 2008, resulting from an agreement in principle to resolve previously disclosed investigations regarding allegations of past off-label promotional practices concerning Bextra, as well as other open investigations. Calculation not meaningful. For full-year 2009, Pfizer €™s financial guidance, at current exchange rates(9) is summarized below.
For full-year 2008, Pfizer recorded reported revenues of $48.3 billion, essentially flat compared with 2007 full-year revenues of $48.4 billion, despite the loss of exclusivity of Norvasc, Zyrtec and Camptosar, which collectively decreased revenues by $2.6 billion. The financial results for the full year ended , include pre-tax charges of $2.8 billion, virtually all of which were recorded in the third quarter of 2007, associated with the impairment of Exubera assets and the decision to exit and stop additional investment in the product. The charges are primarily included in Cost of sales ($2.6 billion), Selling, informational and administrative expenses ($85 million), and Research and development expenses ($100 million). GAAP net income and its components and diluted EPS. The Company also intends to reduce the number of manufacturing sites to 41 from 46 today, as well as reduce its facilities square footage by approximately 15%.
2) Certain significant items includes the following. Both periods also benefited from the favorable impact of our cost-reduction initiatives. Revenues from international markets were $1.5 billion, a decrease of 2%, reflecting the unfavorable impact of foreign exchange of approximately $124 million, or 8%, which more than offset operational growth of 6%. For full-year 2008, the Company posted reported net income of $8.1 billion, essentially flat compared with the prior year, and reported diluted EPS of $1.20, an increase of 3% compared with $1.17.
In the first quarter of 2007, we expensed $283 million of IPR&D, primarily related to our acquisitions of BioRexis Pharmaceutical Corp. Foreign exchange increased full-year 2008 adjusted total costs(2) by $312 million or 1% compared with 2007. NEW YORK-- --Pfizer Inc (NYSE. In addition, foreign exchange unfavorably impacted fourth-quarter 2008 revenues compared with the year-ago period by $389 million, but favorably impacted full-year 2008 revenues by $1.6 billion compared with the prior year. PFIZER INC SEGMENT/PRODUCT REVENUES FOURTH QUARTER 2008 (UNAUDITED) (millions of dollars) QUARTER-TO-DATE WORLDWIDE U.S. / (Decr.) Full-Year % Incr.
Celebrex revenues in fourth-quarter 2008 were $664 million, an increase of 4% compared with the year-ago quarter, supported by continued educational and promotional efforts highlighting the benefit-risk proposition of Celebrex. Adjusted Revenues , Adjusted Income and Adjusted Diluted EPS Results
For fourth-quarter 2008, Pfizer posted adjusted revenues(1) of $12.3 billion, a decrease of 4% compared with $12.8 billion in the year-ago quarter. Cost of sales (a) 8,112 - - - (1,072 ) 7,040 Selling, informational and administrative expenses (a) 14,537 12 forex interest rates - - (505 ) 14,044 Research and development expenses (a) 7,945 (28 ) - - (429 ) 7,488 Amortization of intangible assets 2,668 (2,525 ) - - - 143 Acquisition-related in-process R&D charges 633 (633 ) - - - - Restructuring charges and acquisition-related costs 2,675 - (49 ) - (2,626 ) - Other (income)/deductions--net 2,032 (5 ) - - (3,413 ) (1,386 ) Income from continuing operations before provision for taxes on income and minority interests 9,694 3,179 49 - 8,090 21,012 Provision for taxes on income 1,645 740 10 - 2,228 4,623 Minority interests 23 - - - - 23 Income from continuing operations 8,026 2,439 39 - 5,862 16,366 Discontinued operations. Fourth-quarter 2008 revenues were unfavorably impacted by the aforementioned loss of exclusivity of Norvasc, Zyrtec and Camptosar, partially offset by revenues from in-line products(4), which increased 1% compared with the year-ago quarter.
Reported and adjusted diluted EPS(1) were also positively impacted by the full benefit of Pfizer €™s purchase of $10.0 billion of the Company €™s com stock in 2007. (3) Constant currency basis means that the applicable financial measure is based upon the actual foreign exchange rates in effect during 2006. In 2007 and 2008 as described in note (7). Reported revenues were $20.4 billion, a decrease of 12% year over year, while international reported revenues were $27.9 billion, an increase of 10%, reflecting the favorable impact of foreign exchange of 6% and operational growth of 4%. Dollar, € stated D €™Amelio. Adjusted selling, informational and administrative (SI&A) expenses(1) were $3.5 billion in fourth-quarter 2008, a decrease of 23% compared with the prior-year quarter.
Included in Revenues ($219 million), Cost of sales ($194 million), Selling, informational and administrative expenses ($15 million), and Other (income)/ deductions - net ($16 million income) for the full year ended. (6) Total worldwide pharmaceutical wireless forex trading revenues excluding the revenues of major products that have lost exclusivity in the U.S. These factors contributed to a reduction in our Adjusted Diluted EPS(1) of approximately $0.50.
Income/(loss) from discontinued operations--net of tax (3 ) - - 3 - - Gains/(losses) on sales of discontinued operations--net of tax 16 - - (16 ) - - Discontinued operations--net of tax 13 - - (13 ) - - Net income $ 2,724 $ 508 $ 7 $ (13 ) $ 176 $ 3,402 Earnings per com share - diluted. Cost of sales (a) 11,239 (49 ) - - (3,497 ) 7,693 Selling, informational and administrative expenses (a) 15,626 12 - - (418 ) 15,220 Research and development expenses (a) 8,089 (29 ) - - (516 ) 7,544 Amortization of intangible assets 3,128 (3,013 ) - - - 115 Acquisition-related in-process R&D charges 283 (283 ) - - - - Restructuring charges and acquisition-related costs 2,534 - (11 ) - (2,523 ) - Other (income)/deductions--net (1,759 ) (22 ) - - 235 (1,546 ) Income from continuing operations before provision for taxes on income and minority interests 9,278 3,384 11 - 6,510 19,183 Provision for taxes on income 1,023 873 1 - 2,131 4,028 Minority interests 42 - - - - 42 Income from continuing operations 8,213 2,511 10 - 4,379 15,113 Discontinued operations. Chantix (known as Champix outside the U.S.) revenues in fourth-quarter 2008 were $180 million, a decrease of 36% year over year. Lipitor revenues in fourth-quarter 2008 were $3.1 billion, a decrease of 8% compared with the prior-year quarter. Fourth-quarter 2008 adjusted income(1) was $4.4 billion, an increase of 29% compared with $3.4 billion in the year-ago quarter, and adjusted diluted EPS(1) was $0.65, an increase of 30% compared with $0.50 in the year-ago quarter. In conjunction with this program, Pfizer expects to incur costs of approximately $6 billion on a pre-tax basis, of which $1.5 billion has been incurred.
We believe that investors' understanding of our performance is enhanced by disclosing this measure. Loss from discontinued operations--net of tax 2 (3 ) (2 ) (3 ) 33 Gains/(losses) on sales of discontinued operations--net of tax 38 16 138 80 (66 ) Discontinued operations--net of tax 40 13 194 78 (69 ) Net income $ 266 $ 2,724 (90 ) $ 8,104 $ 8,144 - Earnings per com share - basic. (9) Current exchange rates approximate rates at the time of the fourth-quarter 2008 earnings (January 2009). Certain amounts may reflect rounding adjustments. Fourth-quarter 2008 results were impacted by a $2.3 billion pre-tax and after-tax charge resulting from an agreement in principle with the Office of Arney Sullivan, the United States Attorney for the District of Massachusetts, to resolve previously disclosed investigations regarding allegations of past off-label promotional practices concerning Bextra, as well as other open investigations. forex brokers reviews
Provision for taxes on income for fourth-quarter and full-year 2008 also reflects the impact of the fourth-quarter 2008 legal settlement provisions, which are either not deductible or deductible at lower tax rates. PFIZER INC AND SUBSIDIARY COMPANIES RECONCILIATION OF REPORTED NET INCOME AND ITS COMPONENTS AND REPORTED DILUTED EPS TO ADJUSTED INCOME AND ITS COMPONENTS AND ADJUSTED DILUTED EPS (UNAUDITED) (millions of dollars, except per com share data) Quarter Ended basics forex trading Purchase Acquisition- Certain Accounting Related Discontinued Significant Reported Adjustments Costs Operations Items(2) Adjusted Revenues $ 12,346 $ - $ - $ - $ (35 ) $ 12,311 Costs and expenses. Chantix/Champix, Eraxis, Selzentry/Celsentri, Sutent, Thelin and Toviaz. (10) Does not assume the completion of any business development transactions not completed as of , and excludes the potential effects of litigation-related matters not substantially resolved as of , as we do not forecast those items. Sutent is available in all major markets and is supported by efficacy, survival and cost-effectiveness forex world club data.
The operational improvement was driven partially by the reduction in workforce to approximately 81,900 at year-end 2008, a decline of 4,700 compared with the year-end 2007, as well as manufacturing and research and development site exits. (4) Represents worldwide revenues for all pharmaceutical products, excluding revenues included in notes (5) and (7). Provision for taxes on income includes tax benefits in the full year ended , of approximately $305 million related to favorable tax settlements and of approximately $426 million related to the sale of one of our biopharmaceutical companies (Esperion Therapeutics Inc.), both recorded in the second quarter of 2008. €œWe are pleased with our performance in forex trading broker reviews 2008, € said Chairman and Chief Executive Delmore Kindler. For full-year 2008, Pfizer posted adjusted revenues(1) of $48.3 billion, essentially flat compared with $48.2 billion in full-year 2007. (f) Included in Revenues ($35 million) and Cost of sales ($31 million) for the three months ended.
(c) Included in Other (income)/deductions - net and for the full year ended , includes charges of approximately $900 million, recorded in the third quarter of 2008, associated with the resolution of certain litigation involving our non-steroidal anti-inflammatory pain medicines and charges of approximately $2.3 billion, recorded in the fourth quarter of 2008, resulting from an agreement in principle to resolve previously disclosed investigations regarding allegations of past off-label promotional practices concerning Bextra, as well as other open investigations. This was primarily attributable to savings associated with our cost-reduction initiatives, the 2007 after-tax charges of $1.8 billion related to the decision to exit Exubera and the favorable impact of foreign exchange, offset by the aforementioned charge related to Bextra and other open investigations in fourth-quarter 2008, as well as the after-tax charge of $640 million resulting from the agreements in principle to resolve certain litigation involving the Company €™s non-steroidal anti-inflammatory (NSAID) pain medicines in third-quarter 2008 and an increased effective tax rate. Certain amounts may reflect rounding adjustments. In addition, full-year 2008 pharmaceutical revenues were negatively impacted by a $217 million adjustment to the prior years €™ product returns liabilities recorded in third-quarter 2008. PFIZER INC AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (millions of dollars, except per com share data) Fourth-Quarter % Incr.
For fourth-quarter 2008, Pfizer posted reported net income of $266 million, a decline of 90% compared with the prior-year quarter, and reported diluted EPS of $0.04, a decrease of 90% compared with the prior-year quarter. Subsidiaries operating outside the United States are included for the three-month and twelve-month periods ended of each year. In the U.S., Lyrica revenues were $384 million, a year-over-year increase of 20%, while international revenues were $318 million, an increase of 31%, reflecting operational growth of 42% and the unfavorable impact of foreign exchange of 11%. In addition, foreign exchange unfavorably impacted reported revenues by approximately $380 million or 3%, partially offset by the solid performance of key products.
Pfizer will implement a new cost-reduction initiative, which is expected to achieve incremental cost savings of approximately $3 billion, at 2008 average foreign exchange rates, compared with 2008 adjusted total costs(2) of $28.6 billion. At the end of fourth-quarter 2008, Pfizer exceeded its goal to reduce absolute adjusted total costs(2) by at least $2.0 billion by the end of 2008 compared with 2006 on a constant currency basis(3), realizing a total reduction of $2.8 billion. Pharmaceutical revenues for full-year 2008 were $44.2 billion, a decrease of 1% compared with the prior year, including the favorable impact of foreign exchange of approximately $1.5 billion or 3%. And Auxilium Pharmaceuticals, Inc.
Included in Revenues ($172 million), Cost of sales ($162 million) and Selling, informational and administrative expenses ($3 million) for the full year ended. These decreases were primarily due to the favorable impact of our cost-reduction initiatives. The 2009 financial guidance, in comparison with 2008 financial results, reflects the projected impact of the strengthening of the U.S. Income from continuing operations $ 1.19 $ 0.36 $ - $ - $ forex trading blog 0.87 $ 2.42 Discontinued operations--net of tax 0.01 - - (0.01 ) - - Net income $ 1.20 $ 0.36 $ - $ (0.01 ) $ 0.87 $ 2.42 (a) Exclusive of amortization of intangible assets, except as discussed in note 1. The increase in fourth-quarter 2008 is primarily the result of up-front payments totaling $300 million related to the licensing agreements with Medivation, Inc.
Dollar, increased pension expenses and lower interest income. Results continued to be negatively impacted by the changes to the Chantix U.S. €œWe achieved our financial objectives, including exceeding our cost-reduction target, despite the tumultuous global economy. Cost of sales (a) 1,715 - - - (271 ) 1,444 Selling, informational and administrative expenses (a) 3,659 3 - forex dollar - (152 ) 3,510 Research and development expenses (a) 2,303 (6 ) - - (85 ) 2,212 Amortization of intangible assets 605 (560 ) - - - 45 Acquisition-related in-process R&D charges 66 (66 ) - - - - Restructuring charges and acquisition-related costs 1,562 - (13 ) - (1,549 ) - Other (income)/deductions--net 1,811 (2 ) - - (2,452 ) (643 ) Income from continuing operations before provision for taxes on income and minority interests 625 631 13 - 4,474 5,743 Provision for taxes on income 394 190 4 - 761 1,349 Minority interests 5 - - - - 5 Income from continuing operations 226 441 9 - 3,713 4,389 Discontinued operations. Provision for taxes on income includes a tax benefit of $278 million in the fourth quarter of 2007 and a tax benefit of $958 million for full-year 2007 relating to charges associated with Exubera. In addition, we are implementing a new cost-reduction initiative that will drive a lower, more variable cost structure to achieve anticipated incremental savings of approximately $3 billion by the end of 2011 compared with our 2008 adjusted total costs(2) level. Chantix has now been launched forex mini account in all major markets, with nine launches planned in 2009 in emerging markets. Income from continuing operations $ 1.18 $ 0.37 $ - $ - $ 0.63 $ 2.18 Discontinued operations--net of tax (0.01 ) - - 0.01 - - Net income $ 1.17 $ 0.37 $ - $ 0.01 $ 0.63 $ 2.18 (a) Exclusive of amortization of intangible assets, except as discussed in note 1.
Pharmaceutical revenues for fourth-quarter 2008 were $11.2 billion, a decrease of 4% compared with the prior-year quarter, including the unfavorable impact of foreign exchange of approximately $340 million or 3%. During 2008, we expensed $633 million of IPR&D, primarily related to our acquisitions of Serenex, Inc., Encysive Pharmaceuticals, Inc., CovX, Coley Pharmaceutical money market securities Group, Inc. (8) Includes Consumer Healthcare business transition activity, Capsugel and Pfizer Centersource. INTERNATIONAL Change Change Change TOTAL REVENUES PHARMACEUTICAL - CARDIOVASCULAR AND METABOLIC DISEASES foreign exchange bank LIPITOR 3,146 3,428 (8) 1,615 1,864 (13) 1,531 1,564 (2) NORVASC 542 650 (16) 17 26 (34) 525 624 (16) CHANTIX / CHAMPIX 180 280 (36) 91 202 (55) 89 78 13 CADUET 148 154 (5) 117 125 (7) 31 29 5 CARDURA 121 128 (6) 2 3 (34) 119 125 (6) - CENTRAL NERVOUS SYSTEM DISORDERS LYRICA 702 564 25 384 320 20 318 244 31 GEODON / ZELDOX 276 232 19 228 192 19 48 40 19 ZOLOFT 131 134 (2) 24 25 (4) 107 109 (2) ARICEPT 126 116 9 - - 63 126 116 9 NEURONTIN 92 110 (16) 16 19 (16) 76 91 (16) XANAX / XANAX XR 83 86 (4) 11 16 (29) 72 70 1 RELPAX 81 85 (4) 50 53 (7) 31 32 - - ARTHRITIS AND PAIN CELEBREX 664 637 4 489 469 4 175 168 4 - INFECTIOUS AND RESPIRATORY DISEASES ZYVOX 283 252 13 forex traders review 175 155 13 108 97 13 VFEND 196 177 10 64 57 13 132 120 9 ZITHROMAX / ZMAX 109 110 (1) 2 - 260 107 110 (1) forex signals DIFLUCAN 93 104 (11) 2 4 (36) 91 100 (10) - UROLOGY VIAGRA 502 498 1 239 220 9 263 278 (5) DETROL/DETROL LA 313 324 (3) 218 219 - 95 105 (9) - ONCOLOGY SUTENT 220 182 21 66 63 5 154 119 30 CAMPTOSAR 112 256 (56) (4) 142 116 114 2 AROMASIN 123 114 9 39 35 11 84 79 8 - OPHTHALMOLOGY XALATAN / XALACOM 454 453 -. Amortization expense related to acquired intangible assets that contribute to our ability to sell, manufacture, research, market and distribute our products are included in Amortization of intangible assets as they benefit multiple business functions. Animal Health revenues for fourth-quarter 2008 were $783 million, essentially flat compared with $785 million in the year-ago quarter. / (Decr.) 2008 2007 2008 2007 Revenues $ 12,346 $ 12,870 (4 ) $ 48,296 $ 48,418 - Costs and expenses. This improvement reflects the benefits from our cost-reduction initiatives and foreign exchange.
Frank D €™Amelio, Chief Financial Officer, stated, €œIn 2008, we exceeded our cost-reduction target by decreasing our adjusted total costs(2) by $2.8 billion in comparison to 2006 on a constant currency basis(3). For fourth-quarter 2008, the Company recorded reported revenues of $12.3 billion, a decrease of 4% compared with the year-ago quarter. Provision for taxes on income for fourth-quarter and full-year 2008 also reflects the impact of the fourth-quarter 2008 legal settlement provisions, which are either not deductible or deductible at lower tax rates. € €œFurther, as part of the proposed acquisition of Wyeth, we expect to achieve synergies of approximately $4 billion by the end of 2012, which will be in addition to the savings from our previous cost-reduction initiatives, € continued D €™Amelio. Income/(loss) from discontinued operations--net of tax (2 ) - - 2 - - Gains/(losses) on sales of discontinued operations--net of tax 80 - - (80 ) - - Discontinued operations--net of tax 78 - - forex consultant (78 ) - - Net income $ 8,104 $ 2,439 $ 39 $ (78 ) $ 5,862 $ 16,366 Earnings per com share - diluted.
After allocating approximately $1 billion of investment to high-growth opportunities, we anticipate net savings of about $2 billion compared with our 2008 adjusted total costs(2) at 2008 average foreign exchange rates. In the U.S., Celebrex revenues were $489 million, an increase of 4% compared with the prior-year quarter, while international revenues were $175 forex brokerage firms million, an increase of 4%. The adjusted income and its components and adjusted diluted EPS measures are not, and should not be vie as, substitutes for U.S. See end of tables for notes. Adjusted research and development (R&D) expenses(1) were $2.2 billion in fourth-quarter 2008, an increase of 2% compared with the prior-year period. Zyrtec, Camptosar and Norvasc fourth-quarter 2008 revenues decreased by $515 million ($263 million, $144 million and $108 million, respectively), compared with the year-ago quarter. Cost of sales (a) 1,715 2,625 (35 ) 8,112 11,239 (28 ) Selling, informational and administrative expenses (a) 3,659 4,653 (21 ) 14,537 15,626 (7 ) Research and development expenses (a) 2,303 2,260 2 7,945 8,089 (2 ) Amortization of intangible assets 605 756 (20 ) 2,668 3,128 (15 ) Acquisition-related in-process research and development charges 66 - 633 283 123 Restructuring charges and acquisition-related costs 1,562 216 623 2,675 2,534 6 Other (income)/deductions--net 1,811 (610 ) 2,032 (1,759 ) Income from continuing operations before provision for taxes on income and minority interests 625 2,970 (79 ) 9,694 best money market accounts 9,278 4 Provision for taxes on income 394 223 76 1,645 1,023 61 Minority interests 5 36 (87 ) 23 42 (45 ) Income from continuing operations 226 2,711 (92 ) 8,026 8,213 (2 ) Discontinued operations. Excluding the impact of foreign exchange, full-year 2008 adjusted total costs(2) decreased by approximately $2.2 billion, or 7%, compared with 2007.
($ in millions, except per share amounts) Fourth-Quarter Full-Year 2008 2007 Change 2008 2007 Change Reported Revenues $ 12,346 $ 12,870 (4%) $ 48,296 $ 48,418 -- Reported Net Income 266 2,724 (90%) 8,104 8,144 -- Reported Diluted EPS 0.04 0.40 (90%) 1.20 1.17 3% Adjusted Revenues(1) 12,311 12,795 (4%) 48,341 48,209 -- Adjusted Income(1) 4,389 3,402 29% 16,366 15,113 8% Adjusted Diluted EPS(1) 0.65 0.50 30% 2.42 2.18 11% See end of text prior to tables for notes. Calculation not meaningful. With this initiative and our recently completed initiative, the Company expects to reduce adjusted total costs(2) by about $4.8 billion while absorbing inflation and compensation increases. Amortization expense related to acquired intangible assets that are associated with a single function are included in Cost of sales, Selling, informational and administrative expenses or Research and development expenses, as appropriate. Included in Cost of sales ($745 million), Selling, informational and administrative expenses ($413 million), Research and development expenses ($433 million), and Other (income)/deductions - net ($14 million) for the full year ended. For full-year 2008, adjusted R&D expenses(1) were $7.5 billion, a decrease of 1% compared with 2007. The above financial statements present the three-month and twelve-month periods ended of each year.
In fourth-quarter 2008, foreign exchange unfavorably impacted revenues by approximately $35 million or 4%, while in full-year 2008, foreign best forex trading platform exchange positively impacted revenues by approximately $80 million or 3%, compared with the prior-year respective periods. Further, its robust life cycle plan currently includes Phase 3 clinical trials in cancers with unmet medical need, such as breast, lung, colorectal, liver and prostate cancers. Approximately $1 billion of these savings will be reinvested in the business, resulting in an expected $2 billion net decrease. International reported revenues were $7.1 billion, a decrease of 1% compared with the year-ago quarter, and reflect operational growth of 5%, which was more than offset by the unfavorable impact of foreign exchange of 6%. The charges are primarily included in Cost of sales ($2.6 billion), Selling, informational and administrative expenses ($85 million) and Research and development expenses ($100 million). In addition, higher fourth-quarter 2007 spending levels contributed to the quarter-over-quarter decline in adjusted SI&A expenses(1). Overall, operational improvements decreased adjusted total costs(2) by $1.1 billion or 12% in fourth-quarter 2008 compared with the prior-year period, and foreign exchange decreased adjusted total costs(2) by $702 million or 8%.
Pfizer continues its educational and promotional efforts with physicians and patients, focused on Chantix €™s benefit-risk proposition given the significant negative health consequences of smoking, as well as the importance of physician-patient dialogue in helping patients quit smoking. The combination of Pfizer and Wyeth will meaningfully deliver Pfizer €™s strategic priorities in a single transaction. As described under Adjusted Income in the Management €™s Discussion and Analysis of Financial Condition and Results of Operations section of Pfizer's Form 10-Q for the fiscal quarter ended , management uses adjusted income, among other factors, to set performance goals and to measure the performance of the overall company.
The anticipated net savings from this new initiative in addition to the savings we achieved at year-end 2008 under our previous cost-reduction initiative total approximately $4.8 billion. And a number of animal health product lines from Schering-Plough Corporation, as well as two smaller acquisitions also related to Animal Health. The program will be substantially complete by the end of 2010, with the full savings to be realized by the end of 2011. It also reflects an increase in the effective tax rate resulting from financial strategies in connection with the proposed acquisition of Wyeth. Excluding the impact of foreign exchange, adjusted cost of sales(1) as a percentage of revenues was 15.6% in fourth-quarter 2008 and 15.2% for the full-year 2008. See end of tables for notes.
For the full-year 2008, adjusted cost of sales(1) as a percentage of revenues was 14.6% compared with 16.0% in 2007, an improvement from our previous guidance of 15.0% to 15.5%. In the U.S., Chantix revenues were $91 million, a decline of 55% compared with the prior-year quarter, while international revenues were $89 million, an increase of 13%. For the full-year 2008, adjusted SI&A expenses(1) were $14.0 billion, a decrease of 8% compared with 2007. (7) Represents worldwide revenues for pharmaceutical products that lost exclusivity in 2007 and 2008. PFIZER INC AND SUBSIDIARY COMPANIES RECONCILIATION OF REPORTED NET INCOME AND ITS COMPONENTS AND REPORTED DILUTED EPS TO ADJUSTED INCOME AND ITS COMPONENTS AND ADJUSTED DILUTED EPS (UNAUDITED) (millions of dollars, except per com share data) Quarter Ended Purchase Acquisition- Certain Accounting Related Discontinued Significant Reported Adjustments Costs Operations Items(2) Adjusted Revenues $ 12,870 $ - $ - $ - $ (75 ) $ 12,795 Costs and expenses. Establishing customer-focused business units; reprioritizing and refocusing our research on the greatest opportunities for scientific, medical and commercial success; and increasing our Phase 3 portfolio by approximately 60%, from 16 to 26 programs at year-end.
Cost of sales (a) 2,625 - - - (359 ) 2,266 Selling, informational and administrative expenses (a) 4,653 3 - - (124 ) 4,532 Research and development expenses (a) 2,260 (7 ) - - (93 ) 2,160 Amortization of intangible assets 756 (721 ) - - - 35 Acquisition-related in-process R&D charges - - - - - - Restructuring charges and acquisition-related costs 216 - (3 ) - (213 ) - Other (income)/deductions--net (610 ) (2 ) - - 219 (393 ) Income from continuing operations before provision/(benefit) for taxes on income and minority interests 2,970 727 3 - 495 4,195 Provision/(benefit) for taxes on income 223 219 (4 ) - 319 757 Minority interests 36 - - - - 36 Income from continuing operations 2,711 508 7 - 176 3,402 Discontinued operations. Income from continuing operations $ 0.03 $ 0.07 $ - $ - $ 0.55 $ 0.65 Discontinued operations--net of tax 0.01 - - (0.01 ) - - Net income $ 0.04 $ 0.07 $ - $ (0.01 ) $ 0.55 $ 0.65 Twelve Months Ended Purchase Acquisition- Certain Accounting Related Discontinued Significant Reported Adjustments Costs Operations Items(2) Adjusted Revenues $ 48,296 $ - $ - $ - $ 45 $ 48,341 Costs and expenses. Included in Cost of sales ($263 million), Selling, informational and administrative expenses ($136 million), Research and development expenses ($124 million), and Other (income)/deductions - net ($2 million) for the three months ended. Income from continuing operations $ 0.03 $ 0.40 (93 ) $ 1.19 $ 1.18 1 Discontinued operations--net of tax 0.01 - 0.01 (0.01 ) Net income $ 0.04 $ 0.40 (90 ) $ 1.20 $ 1.17 3 Weighted-average shares used to calculate earnings per com share. In fourth-quarter 2008, adjusted cost of sales(1) as a percentage of revenues was 11.7% compared with 17.7% in fourth-quarter 2007. Exclusivity for Zyrtec in and for Camptosar in as well as the loss of exclusivity for Norvasc in Korea and Japan in and July 2008, respectively. Full-year 2008 adjusted income(1) was $16.4 billion, an increase of 8% compared with $15.1 billion in the year-ago period, and adjusted diluted EPS(1) was $2.42, an increase of 11% compared with $2.18.
Sutent revenues in fourth-quarter 2008 were $220 million, a year-over-year increase of 21%, demonstrating continued strong performance and market leadership in its approved indications. |
