July 18, 2006
Pfizer says income unaffected by consumer division sale, new Lipitor lawsuits emerge
Pfizer Monday reported revised financial information for last year and the first quarter of 2006 saying that its income would not be affected by the sale of its consumer division to Johnson & Johnson. Last month, Pfizer announced it was selling the division to J&J for roughly $16.6 billion in a transaction expected to close by the end of the year. Pfizer’s announcement precedes the release of its second quarter results expected this Thursday. In Monday’s restatement, Pfizer’s first quarter new income for 2006 of $4.1 billion did not change, the company said. Revenues for the period fell to $11.7 billion from the previously reported $12.6 billion. Cost of sales fell to $1.6 billion from $1.9 billion. Pfizer is scheduled to launch its potential blockbuster, Exubera inhaled insulin for the treatment of diabetes, today. Meanwhile, a new series of personal lawsuits has been filed against Pfizer charging the drugmaker with concealing serious and permanent health risks associated with its blockbuster cholesterol drug, Lipitor. Two similar lawsuits were filed against the company in June. The lawsuits, all filed in New York State Supreme Court on July 14, were brought on behalf of plaintiffs from California, Connecticut, Massachusetts, Michigan, New Jersey, New York and Virginia. A Pfizer spokeswoman was not immediately available for comment.