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Biotech / Medical : PFE (Pfizer) How high will it go? -- Ignore unavailable to you. Want to Upgrade?

To: Anthony Wong who wrote (8111)	7/19/1999 10:23:00 AM
From: Anthony Wong	Respond to of 9523

Pfizer 2nd-Qtr Net Rises 13%, Led by Norvasc, Zoloft (Update1) Bloomberg News July 19, 1999, 10:13 a.m. ET Pfizer 2nd-Qtr Net Rises 13%, Led by Norvasc, Zoloft (Update1) (Adds analyst comment in 4th paragraphs.) New York, July 19 (Bloomberg) -- Pfizer Inc., the No. 2 U.S. drugmaker, said its second-quarter profit rose 13 percent on sales of its leading drugs such as the high-blood-pressure medicine Norvasc and the antidepressant Zoloft. Net income rose to $709 million, or 18 cents a share, from $628 million, or 15 cents a share, adjusted for a 3-for-1 stock split. Results topped the 17-cent average estimate of analysts polled by First Call Corp. Revenue rose 14 percent to $3.78 billion from $3.31 billion. In April, Pfizer told analysts to expect single-digit growth in second-quarter profit. Pfizer faced a tough comparison with the year-ago quarter, when the anti-impotence drug Viagra had a record-setting introduction with $411 million in sales. In the recent quarter, Viagra sales were $310 million. ''The numbers were a little better than expected,'' said Hemant Shah, a pharmaceutical industry analyst. The Viagra sales ''were much better than expected.'' Pfizer, based in New York, rose 1/4 to 38 1/16 in early trading. Sales of Norvasc rose 17 percent to $722 million, and Zoloft sales rose 16 percent to $461 million. Among U.S. drugmakers, Pfizer is second only to Merck & Co. in sales.