Pfizer Inc. (NYSE: PFE) today reported financial results for third-quarter 2011. Third-quarter 2011 revenues were $17.2 billion, an increase of 7% compared with the year-ago quarter, which reflects operational growth of $247 million, or 1%, and the favorable impact of foreign exchange of $951 million, or 6%.
For third-quarter 2011, U.S. revenues were $6.9 billion, a decrease of 3% compared with the year-ago quarter. International revenues were $10.3 billion, an increase of 15% compared with the prior-year quarter, which reflected 4% operational growth and an 11% favorable impact of foreign exchange. U.S. revenues represented 40% of total revenues in third-quarter 2011 compared with 44% in the year-ago quarter, while international revenues represented 60% of total revenues in third-quarter 2011 compared with 56% in the year-ago quarter.
Ian Read, President and Chief Executive Officer, stated, "Overall, I am very pleased with our financial performance despite the impact of product losses of exclusivity totaling approximately $950 million this quarter and the challenges posed by current global market and economic conditions. Excluding the impact of product losses of exclusivity, all of our businesses generated revenue growth while effectively managing their cost structures. Notably, in our Emerging Markets business, I am pleased that both our innovative and established product portfolios continued to perform well, largely as a result of our targeted investments despite a volatile environment. Further, in Japan, our second largest market, we generated 19% operational growth enterprise-wide. I am also happy with the strong performance of the Lipitor franchise and our ability to continue to maximize the value of this brand prior to its loss of exclusivity in the U.S. We remain well prepared for the Lipitor U.S. loss of exclusivity later this month and in various other countries shortly thereafter."
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At Pfizer, we apply science and our global resources to improve health and well-being at every stage of life. We strive to set the standard for quality, safety and value in the discovery, development and manufacturing of medicines for people and animals. Our diversified global health care portfolio includes human and animal biologic and small molecule medicines and vaccines, as well as nutritional products and many of the world's best-known consumer products. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as the world's leading biopharmaceutical company, we also collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For more than 150 years, Pfizer has worked to make a difference for all who rely on us.