Pfizer today reported a 30 per cent rise in second-quarter profits but said the strength of the dollar against foreign currencies would restrain revenue growth this year.
New York-based Pfizer, which merged with drug giant Warner-Lambert last summer, said it earned $1.89 billion, or 30 cents per share, in the second quarter, up from 23 cents per share in the year-earlier quarter.
Analysts had projected the company, the world's biggest drug maker, would earn between 29 and 31 cents per share, with an average estimate of 29 cents, according to research firm Thomson Financial/First Call.
Pfizer said the strength of the dollar, which makes its products more expensive overseas, would mean the loss of over $900 million in revenues this year. It forecast full-year revenue growth of about 10 per cent.
Pfizer reaffirmed its 2002 earnings forecast of $1.56 a share or better, before special items and merger-related costs.
The company said it expects to spend $4.8 billion to $4.9 billion on research and development this year - the highest in the industry.
Global sales of the cholesterol drug Lipitor jumped 14 per cent to $1.44 billion, and sales of the impotence drug Viagra rose 16 per cent to $351 million.
But sales for the company's animal-health division plunged 14 per cent to $247 million, and sales of consumer products fell 1 per cent to $1.34 billion.