Just weeks ago the U.S. government’s bank account wasn’t looking good. The country had just 31 billion dollars in its accounts to pay off bills. Lawmakers eventually passed a temporary solution, but when the government’s accounts were dwindling there were a number of companies that had more cash on hand than the government, including Pfizer, the maker’s of Viagra.
A news story broke down all the companies that had more than 31 million dollars to its name.
- General Electric $88.6 billion
- Microsoft $77 billion
- Google $54 billion
- Cisco $50 billion
- Apple $42 billion
- Oracle $39 billion
- Ford $36 billion
- Berkshire Hathaway $35 billion
- Pfizer $33 billion
- U.S. Government $31 billion
- General Motors $27 billion
Pfizer’s financials
While Pfizer was better off than the U.S. government at one point, the company’s financials are slipping as well. Third quarter profits dropped. Pfizer’s revenue declined from $12.953 billion in the third quarter of 2012 to $12.643 billion in the third quarter of 2013, a decline of 2 percent.
The company is restructuring some departments and focusing on new medications that hit the market like Eliquis, a drug designed to decrease blood clots in people who have atrial fibrillation.
Loss of patent
Aside from Viagra, Pfizer’s other big money maker is Lipitor, a cholesterol medicine. While medication made the company big bucks, its U.S. patent ran out in November 2011, allowing other companies to make a generic version of the pill.
Company direction will improve
While it’s not the direction Pfizer would like to go in, one of the company executive says he is pleased with the current position.
“Overall, I am very pleased with our continued and steady progress, on many fronts, to drive greater value for our shareholders,” Pfizer Chief Executive Officer Ian Read said in a statement.
“We continue to generate solid financial results on an operational basis, despite the impact of product losses of exclusivity.”
