Pfizer Inc (NYSE: PFE) reported results for the first-quarter 2008. The Company recorded revenues of $11.8 billion, a decrease of 5% compared with $12.5 billion in the year-ago quarter, primarily due to the March 2007 loss of U.S. exclusivity of Norvasc as well as the January 2008 loss of U.S. exclusivity of Zyrtec, which Pfizer ceased selling in late January 2008. In the first-quarter 2008, Norvasc and Zyrtec revenues decreased by $556 million and $344 million, respectively, compared with the prior-year quarter. First-quarter 2008 revenues were positively impacted by foreign exchange, which increased revenues by approximately $570 million or 5%, and the solid performance of many new and in-line products.
For the first-quarter 2008, Pfizer posted reported net income of $2.8 billion, a decrease of 18% compared with $3.4 billion in the prior-year quarter, and reported diluted EPS of $0.41, a decrease of 15% compared with $0.48 in the prior-year quarter. These declines were primarily attributable to lower revenues due to the U.S. losses of exclusivity discussed above and, to a lesser extent, increased in-process research and development expenses associated with acquisitions, primarily CovX and Coley Pharmaceutical Group, Inc., which were partially offset by lower expenses related to our cost-reduction initiatives and foreign exchange.
For the first-quarter 2008, Pfizer posted adjusted income of $4.1 billion, a decrease of 15% compared with $4.8 billion in the year-ago quarter, and adjusted diluted EPS of $0.61, a decrease of 10% compared with $0.68 in the year-ago quarter. Both adjusted income and adjusted diluted EPS reflected lower revenues due to the U.S. losses of exclusivity discussed above, which were partially offset by savings from the Company's cost-reduction initiatives and foreign exchange. Reported and adjusted diluted EPS were also positively impacted by the full benefit of Pfizer's purchase of $10.0 billion of the Company's common stock in 2007.
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