Pfizer, Wyeth Post Profits on Drug Sales
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Pfizer Inc.’s net income jumped 50% on sales of cholesterol drug Lipitor and pain reliever Celebrex while Wyeth swung back to a profit as revenue from anti-depressant Effexor and vaccine Prevnar posted solid gains.
Pfizer earned $3.34 billion, or 45 cents a share, for the July-September period, up from $2.24 billion, or 29 cents, a year earlier. Revenue rose 4% to $12.83 billion. Sales of cholesterol drug Lipitor rose 11% while revenue from pain reliever Celebrex grew 14%.
Wyeth earned $1.42 billion, or $1.07 a share, in the third quarter. A year earlier the Madison, N.J.-based maker of anti-depressant Effexor reported a net loss of $426.4 million, or 32 cents. Sales increased 10% to $4.47 billion.
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