Falling revenue did not prevent S&P 500 (NYSE:SPY) component Pfizer Inc. (NYSE:PFE) from reporting a profit boost in the first quarter. Pfizer Inc. is a global pharmaceutical company which develops and manufactures prescription medications for humans and animals.
Pfizer Earnings Cheat Sheet for the First Quarter
Results: Net income for the drug manufacturer rose to $2.22 billion (28 cents/share) vs. $2.03 billion (25 cents/share) in the same quarter a year earlier. A rise of 9.7% from the year earlier quarter.
Revenue: Fell 1.5% to $16.5 billion YoY.
Quoting Management: Frank D’Amelio, Chief Financial Officer, stated, “Given our performance during the first quarter as well as our continued confidence in the business, we are reaffirming our 2011 financial guidance and 2012 financial targets. Additionally, reflecting the continued confidence in our business, the strength of our balance sheet and our view that our shares represent a good investment for our stakeholders at the current valuation, we repurchased approximately $1.4 billion, or 73.5 million shares, of our common stock during the first quarter of 2011 and a total of approximately $2.2 billion, or 110.5 million shares, through April 30, 2011.”
Key Stats: A year-over-year revenue decrease last quarter snaps a streak of four consecutive quarters of revenue increases. The best quarter in that span was the second quarter of the last fiscal year, which saw revenue rise 57.7%.
The company has now seen net income rise in two-straight quarters. In the fourth quarter of the last fiscal year, net income rose more than threefold from the year earlier.
Competitors to Watch: Johnson & Johnson (NYSE:JNJ), Merck & Co., Inc. (NYSE:MRK), GlaxoSmithKline plc (NYSE:GSK), Bristol Myers Squibb Co. (NYSE:BMY), Eli Lilly & Co. (NYSE:LLY), Abbott Laboratories (NYSE:ABT), Novartis AG (NYSE:NVS), Mylan Inc. (NASDAQ:MYL), Amgen, Inc. (NASDAQ:AMGN), and Sanofi-Aventis SA (NYSE:SNY)
Stock Performance: Shares of PFE are trading at $20.42 as of May 3, 2011 at 10:39 AM ET, down 2.47% from the previous closing price of $21.02.