Pfizer quarter beats forecasts

LONDON (SHARECAST) - Pfizer was in demand today after the drug giant said cost cutting helped it top Wall Street’s expectations for the fourth quarter, although generic competition sent profits lower. The New York based group reported earnings of $2.73bn, or 37 cents per share, versus $2.83bn, or 38 cents, a year ago. Revenue was down 9% to $13.6bn, but beat forecasts of £13.27bn. Ignoring one-time items, group earnings were 51 cents, trumping forecasts of around 42 cents per share. Cholesterol drug Lipitor remained the world's top-selling prescription drug with sales up 3% to $3.36bn during the period, with annual sales up 12% to $12.19bn. Cheaper generic drugs ate away at sales of the group’s drugs that have lost patent protection, sending total sales for 2005 2% lower to $51.3bn. Epilepsy treatment Neurontin saw sales slump 71%, hypertension drug Accupril sank 74%, while sales of arthritis treatment Celebrex tumbled 53% following the recall of Merck’s similar drug Vioxx in 2004. Pfizer is due to release new financial forecasts for 2006 in February.