Pfizer reports revenue decline in Q3

Pfizer has reported its financial results for third-quarter 2013 – revenues decreased 2% to US $310 million, reflecting an operational decline largely due to the continued erosion for branded Lipitor in the US, Europe and other certain markets. Despite the loss of some product exclusivity, revenues were positively impacted by the overall growth of Lyrica, Enbrel, Inlyta and Xalkori, as well as Celebrex and Xeljanz in the US.

Pfizer's Oncology sector grew the most this quarter, increasing by 26% operationally. This was driven by the continued solid uptake of new products, most notably Inlyta and Xalkori in several major markets.

"Overall, I am very pleased with our continued and steady progress, on many fronts, to drive greater value for our shareholders. We continue to generate solid financial results on an operational basis, despite the impact of product losses of exclusivity and the ongoing expiration of the Spiriva collaboration in certain countries as well as the challenging operating environment. Within our innovative businesses, during third-quarter 2013, revenues from our Oncology business increased 26% operationally due to the continued strong performance of new products, primarily Inlyta and Xalkori in several major markets."

Ian Read, Chairman and Chief Executive Officer, Pfizer.

"For the first nine months of 2013, our financial performance has been in line with our expectations. Given these results and our continued confidence in the business, we are narrowing the ranges for certain components of our 2013 financial guidance. Also, with our continued strong operating cash flow and proceeds generated from the separations of our Nutrition and Animal Health businesses, we continue to expect to repurchase in the mid-teens of billions of dollars of our common stock this year, with $13.1 billion repurchased through October 28. Additionally, we will pay approximately $6.5 billion in dividends."

Frank D'Amelio, Chief Financial Officer, Pfizer.

The global pharma company has narrowed its full-year earnings expectation to $2.15 to $2.20 a share from $2.10 to $2.20 per share.