Summary
Pfizer Inc. (PFE) has filed an 8-K report detailing its fourth quarter 2004 financial results and a significant asset impairment. The company announced its Q4 2004 financial performance via a press release, which is incorporated by reference into this filing. Investors should note the impact of a $691 million non-cash charge related to an impairment of an indefinite-lived intangible asset associated with Depo Provera. This impairment was driven by the unexpected entry of a generic competitor in the U.S. market for Depo Provera, a long-acting injectable contraceptive, and a significant labeling change requiring a more prominent 'black box' warning concerning potential bone mineral density loss. This charge, amounting to $420 million net of tax, was recorded in the fourth quarter of 2004 and directly impacts the company's reported financial condition for the period.
Key Highlights
- 1Pfizer Inc. reported its fourth quarter 2004 financial results on January 19, 2005.
- 2A significant non-cash impairment charge of $691 million ($420 million net of tax) was recorded for the fourth quarter of 2004.
- 3The impairment relates to an indefinite-lived intangible asset for Depo Provera, a contraceptive.
- 4Key drivers for the Depo Provera impairment include the unexpected entry of a generic competitor in the U.S. market.
- 5A 'black box' warning update for Depo Provera, highlighting potential bone mineral density loss, also contributed to the impairment.
- 6The press release containing the detailed financial results for Q4 2004 is filed as an exhibit to this 8-K.
- 7The company acquired Pharmacia Corporation in April 2003, which included the Depo Provera asset.