Pfizer gets a boost from Wyeth, specialty drugs in Q1

NEW YORK Pfizer reported $16.8 billion in revenues for first quarter 2010, a 54% increase over first quarter 2009, according to financial results released this week.

The New York-based drug maker attributed the increase to a $5.3 billion boost from legacy products it acquired through its purchase last year of Wyeth, as well as $733 million from foreign exchange. U.S. revenues were $7.3 billion, a 47% increase over first quarter 2009.

Specialty drugs saw some of the most dramatic increases in sales. Specialty drug sales rose by 141%, from $1.46 billion in 2009 to $3.5 billion in the current quarter. Biotech drugs increased from $10.1 billion in 2009 to $14.5 billion this quarter, a 44% increase. Cancer drugs had a 3% increase in sales, from $350 million to $361 million.

At the same time, profits fell by 26%, from $2.7 billion in first quarter 2009 to $2 billion this quarter, due to expenses related to Wyeth company operations, as well as purchase accounting adjustments, interest and tax payments related to the acquisition.