Pfizer Posts Loss on Acquisition Costs
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Pfizer Inc., the world’s largest drug maker, posted a second-quarter loss of $3.59 billion because of costs related to its April acquisition of Pharmacia Corp.
Chief Financial Officer David Shedlarz said the company would rebound from its third quarterly loss in a decade with new medicines and cost cuts. New York-based Pfizer said it expected merger savings of almost $4 billion in 2005 and annual profit gains of about 16% through next year.
The net loss was 48 cents a share, contrasted with net income of $1.96 billion, or 31 cents a share, a year earlier. Sales rose 37% to $9.99 billion, helped by Pharmacia revenue.
Shares of Pfizer rose 49 cents to $33.04 on the NYSE.
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