Exclusivity loss, foreign exchange reduce Pfizer Q1 revenues

NEW YORK Pfizer reported revenues of nearly $11 billion and said its acquisition of Wyeth remained on track in its first quarter 2009 financial report Tuesday.

Revenues for the quarter were $10.9 billion, including $5 billion in the United States and $5.9 billion elsewhere, an 8% decrease compared to first quarter 2008, the company said. Foreign exchange rates negatively affected revenues by $640 million.

Other factors that had a negative affect on revenue growth were the loss of U.S. market exclusivity for the allergy drug Zyrtec (cetirizine hydrochloride) and the cancer drug Camptosar (irinotecan) in January and February 2008, respectively. Revenue from the cholesterol drug Lipitor (atorvastatin calcium) also declined, as did those of the anti-smoking drug Chantix (varenicline), due to label changes.