Large-Cap Pharmaceuticals

Pfizer Inc.

The Company

Pfizer Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PFZ)") else Response.Write("(NYSE: PFZ)") end if %> operates in the consumer space through its Barbasol products, Ben Gay analgesic cream, and Plax dental rinse, to name just a few of its more popular shelf items. However, the bulk of its revenues are derived from pharmaceuticals (roughly 75%). Pfizer had an excellent year in 1996 when it saw the 47th consecutive year of increased sales, topping $11 billion, which represents a 13% increase over 1995. Almost the entire increase was driven by increased volumes, with net income growing by 23%. Pfizer trades at 29x forward EPS numbers and clearly has the heaviest burden of market expectations to bear.

Latest Financials

Pfizer reported sales of $3,002 million and net income of $602 million for the first quarter of 1997, increases of 12% and 16%, respectively, over the first quarter of 1996. Earnings per share for the quarter reached $0.93 cents, a 15% increase over the same period in 1996. The increase in sales was driven largely by volume, with a 1.4% positive impact from prices more than offset by a negative 1.8% effect from foreign exchange rates.(Go to next snapshot.)

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