Pfizer
This article was originally published in The Rose Sheet
Executive Summary
Second quarter sales growth of consumer businesses, which include Consumer Health Care division housing products such as Listerine and Lubriderm, and Shaving Products division, which includes Schick, has been "slower than anticipated," firm tells analysts July 17. Consumer Health Care sales increased 1.7% to $608 mil., while shaving sales decreased 10% to $179 mil. Synergies resulting from acquisition of Warner-Lambert in June 2000 "continue to be larger and to come sooner than originally planned," firm says; Pfizer now expects full-year 2001 merger-related savings of about $1.3 bil., versus prior estimate of $1.2 bil. For 2002, firm anticipates at least $1.6 bil. in merger-related savings, largely from work force cuts, increased purchasing power and reduction of operating expenses. Consolidated second quarter sales up 10% to $7.69 bil., driven by strong Rx drug sales