NEW YORK Pfizer couldn’t catch a break this third quarter.
The company, which posted its third quarter earnings Friday, reported that this year’s time period was grim. Pfizer’s 2007 third-quarter results indicated that revenues declined by 2 percent to $12 billion. Its reported net income dropped an astounding 77 percent compared to the same time last year. Pfizer said the dramatic drop was related to the company’s decision to discontinue the insulin inhalant Exubera.
“We made an important decision regarding Exubera, a product for which we initially had high expectations,” said Jeff Kindler, chairman and chief executive officer of Pfizer. “Despite our best efforts, Exubera has failed to gain the acceptance of patients and physicians. We have therefore concluded that further investment in this product is unwarranted.”
The company also said that it would be working to provide patients a transition to other treatment options.
Exubera wasn’t the only setback Pfizer experienced. The loss of market exclusivity for its drugs Norvasc and Zoloft also helped sandbag its revenues. But chief executive officer Kindler is still hopeful for the future.
“We need to deliver better results, continue to make tough decisions about allocating our capital wisely, and bring more new products to the market as quickly as possible,” Kindler said of the financial results. “Doing all of this will put Pfizer on the right course and build value for our shareholders.”