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Biotech / Medical : Pharma News Only (pfe,mrk,wla, sgp, ahp, bmy, lly) -- Ignore unavailable to you. Want to Upgrade?

To: Anthony Wong who wrote (499)	7/9/1998 5:00:00 PM
From: Anthony Wong	Read Replies (1) \| Respond to of 1722

Pfizer 2nd-Qtr Profit Rises 38%: Earnings Instant Insight Bloomberg News July 9, 1998, 3:57 p.m. ET Expected Market Reaction. Limited. Pfizer Inc.'s second-quarter profit rose 38 percent to $628 million, or 47 cents a diluted share, from $457 million, or 35 cents a share, a year earlier. Revenue rose 26 percent to $3.63 billion from $2.91 billion. Pfizer, maker of the new impotence pill Viagra, was expected to earn 44 cents a diluted share, the average estimate of analysts polled by IBES International Inc. Behind the Numbers Viagra's introduction in April was the best in the history of the drug industry, analysts have said. Early Viagra sales pushed Pfizer to a record high of 121 3/4 on April 21. Pfizer said Viagra sales totaled $411 million in the quarter. In June, Pfizer agreed to sell one of its medical devices unit for $2.1 billion as it focuses on its more profitable drugmaking business. What the Experts Say ''It's just a phenomenal performance -- no pharmaceutical product has ever achieved $400 million in its first quarter on the market,'' Hemant Shah, an independent drug industry analyst who has ''neutral'' rating on Pfizer. Previous Market Reaction Pfizer fell 2 1/16 to 99 1/16 on April 14 after it reported a 15 percent rise in profit, matching estimates. Pfizer that day said it filed additional materials with the U.S. Food and Drug Administration about its schizophrenia drug, Zeldox. In June, the FDA said it could not approve the drug at that time. Market Trend Pfizer has risen 85 percent in the past year to 114 1/4, spurred largely by prospects for its impotence pill, Viagra. The Standard & Poor's Drugs Index returned 50 percent in the same period. --Kerry Dooley in the Princeton newsroom (609) 279-4016/dd