Pfizer Inc. (NYSE: PFE) reported financial results for third-quarter 2009. Revenues were $11.6 billion, a decrease of 3% compared with $12.0 billion in the year-ago quarter. Revenues for third-quarter 2009 compared with the year-ago quarter were unfavorably impacted by approximately $610 million, or 5%, due to foreign exchange and were favorably impacted by $217 million, or 2%, due to a one-time adjustment in the year-ago period for prior years' liabilities for product returns. For third-quarter 2009, U.S. revenues were $4.8 billion, a decrease of 2% compared with the year-ago quarter. International revenues were $6.8 billion, a decrease of 4% compared with the prior-year quarter, and reflected 5% operational growth and a 9% unfavorable impact of foreign exchange. U.S. revenues represented 41% of the total, while international revenues represented 59% of the total, both comparable with the year-ago quarter.
For the first nine months of 2009, revenues were $33.5 billion, a decrease of 7% compared with $36.0 billion in the same period in 2008. Foreign exchange unfavorably impacted revenues by approximately $2.3 billion or 6%. U.S. revenues were $14.3 billion, a decrease of 6% compared with the first nine months of 2008. International revenues were $19.2 billion, a decrease of 8% compared with the same period last year, and reflected 3% operational growth and an 11% unfavorable impact of foreign exchange. U.S. revenues represented 43% of the total compared with 42% in the year-ago period, and international revenues represented 57% of the total compared with 58% of the total of the first nine months of 2008.
Business Revenues
Effective January 1, 2009, Pfizer expanded its operating model within the Pharmaceutical business to include five customer-focused units, in addition to its Animal Health business. During third-quarter 2009, the Specialty Care, Emerging Markets and Oncology Pharmaceutical units and Animal Health generated revenue growth on a constant currency basis. The Primary Care unit was flat on a constant currency basis while the Established Products unit, which manages a portfolio of products that have generally lost patent protection or marketing exclusivity and that have an expected decline in revenues at this stage in their lifecycle, declined 9% on a constant currency basis.
Primary Care revenues for third-quarter 2009 were $5.5 billion, a decline of 4% compared with $5.8 billion in the year-ago quarter. Operationally, Primary Care revenues were flat, as the strong international performance of Lyrica and Lipitor was offset primarily by lower Lipitor revenues in the U.S. Operational performance was offset by the unfavorable impact of foreign exchange.
Specialty Care revenues for third-quarter 2009 were $1.6 billion, an increase of 3% compared with $1.5 billion in the same period last year. Operational growth of 6%, largely driven by the solid performance of Rebif and Revatio, was partially offset by the unfavorable impact of foreign exchange.
Oncology revenues for third-quarter 2009 were $371 million, a decrease of 5% compared with $389 million in the prior-year quarter. Operational growth of 2%, primarily due to the strong performance of Sutent, was partially offset by the unfavorable impact of the loss of exclusivity of Camptosar in Europe in July 2009. The operational growth was more than offset by the unfavorable impact of foreign exchange.
Established Products revenues for third-quarter 2009 were $1.6 billion, a decline of 12% compared with $1.8 billion in the year-ago quarter, comprised of a 9% operational decline and the unfavorable impact of foreign exchange.
Emerging Markets revenues for third-quarter 2009 were $1.6 billion, a decrease of 4% compared with $1.7 billion in third-quarter 2008. These results included revenue from both established products and patent-protected products sold in emerging markets. Operational growth of 9%, largely attributable to strong growth in high-priority countries, notably China and India, was more than offset by the unfavorable impact of foreign exchange.
Animal Health revenues for third-quarter 2009 were $678 million, a decline of 4% compared with $708 million in the year-ago quarter. Operational growth of 2%, primarily driven by the solid performance in emerging markets and for certain new products worldwide, was more than offset by the unfavorable impact of foreign exchange.
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