International sales lift Pfizer 2Q profit

New York-based Pfizer, the world's biggest drugmaker, said profit rose to $2.78 billion, or 41 cents per share, compared with $1.27 billion, or 18 cents per share, a year ago.

Excluding one-time charges totaling about $930 million for restructuring, an acquisition and amortization, Pfizer Inc. said it earned $3.7 billion, or 55 cents per share. Analysts surveyed by Thomson Financial were expecting earnings of 54 cents per share and $11.46 billion in revenue. Such estimates usually exclude one-time items.

Revenue rose 9 percent, to $12.13 billion from $11.08 billion, even though U.S. revenue dropped by 2 percent. International sales made up for that, surging 18 percent, with favorable currency exchange rates adding $800 million, or 7 percent, to total revenue.

Revenue in Pfizer's pharmaceutical division jumped 9 percent to $11.1 billion. Higher revenue from favorable exchange rates, and growing sales of many key products, offset lost sales from U.S. generic competition for three drugs. Those were blood-pressure medicine Norvasc, allergy drug Zyrtec and colon-cancer drug Camptosar, which saw revenue fall by a combined $496 million.

Sales of cholesterol fighter Lipitor, the world's top-selling drug, increased 9 percent to $3 billion. Sales were up by double digits for arthritis and pain treatment Celebrex, at $589 million, and nerve-pain treatment Lyrica, at $614 million. Sales of smoking-cessation drug Chantix edged up 3 percent to $207 million on strong international growth. But they fell by 35 percent in this country amid recently strengthened warnings about suicidal behavior and depression among users, as well as a ban on their use by U.S. pilots and air traffic controllers.

Sales of animal health products jumped 13 percent to $715 million.

Chief Executive Jeff Kindler said in a statement that the results "clearly demonstrate our ability to continue to deliver solid performance in an increasingly challenging environment."

He noted Pfizer reached an agreement during the quarter with Ranbaxy Laboratories Ltd. to hold off U.S. generic competition until at least December 2011 for Lipitor, which has been facing tougher competition since a generic version of rival pill Zocor became available two years ago.

Pfizer reaffirmed its earnings forecast for the 2008 fiscal year, at $2.35 to $2.45 per share, excluding one-time charges.