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Pfizer Q3 reported revenues decreased $274 million

Staff writer |
Pfizer reported financial results for third quarter 2015 and announced increases to the midpoints of its 2015 financial guidance ranges for reported revenues and adjusted diluted EPS.

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On September 3, 2015, Pfizer acquired Hospira. Consequently, and in accordance with Pfizer's domestic and international reporting periods, financial results for third-quarter 2015 and the nine months ended September 27, 2015 reflect Pfizer's operations as well as one month of legacy Hospira U.S. operations but do not include any financial results from legacy Hospira international operations.

Reported revenues decreased $274 million, or 2%, which reflects operational growth of $795 million, or 6%, more than offset by the unfavorable impact of foreign exchange of $1.1 billion, or 9%.

Excluding the impact of legacy Hospira operations and foreign exchange, Pfizer-standalone reported revenues increased by $465 million operationally, or 4%.

Operational revenue growth in developed markets was driven primarily by the performance of several key products, including Prevnar 13 in adults, Ibrance and Eliquis - all products that are early in their life cycles - as well as from Lyrica primarily in the U.S., and the inclusion of one month of legacy Hospira U.S. operations.

In emerging markets, revenues increased 5% operationally, reflecting continued strong operational growth, primarily from the Innovative Products business.

Operational revenue growth was partially offset primarily by the loss of exclusivity and associated generic competition for Celebrex in the U.S., Zyvox in the U.S. and Lyrica in certain developed Europe markets.

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