NEW YORK, United States – Drugmaker Pfizer Inc yesterday reported a huge jump in its first-quarter revenue, thanks to its giant acquisition of Wyeth last October, but charges from the deal weighed down net income.

The maker of cholesterol fighter Lipitor and impotence pill Viagra earned US$2.03 billion, or 25 cents per share, in the latest quarter, down 26 per cent from US$2.73 billion, or 40 cents per share.

Adjusted income for the first three months totaled US$4.88 billion, or 60 cents per share, rising 33 per cent from US$3.67 billion, or 54 cents a share, a year earlier.

With the addition of Wyeth blockbusters such as antidepressant Effexor and children’s vaccine Prevnar, Pfizer’s revenue reached US$16.75 million. That’s up 54 per cent from US$10.87 billion a year earlier.

Analysts polled by Thomson Reuters, on average, were expecting slightly lower earnings per share of 53 cents and revenue of US$16.58 billion.

Pfizer said sales of Wyeth products increased revenue by US$5.3 billion, or 48 per cent, while the effects of favorable currency exchange rates boosted revenue another US$733 million, or seven per cent.

“Our results this quarter demonstrate the ability of our colleagues to deliver solid operational performance in a challenging environment as well as extract value for shareholders from the acquisition of Wyeth,” Pfizer Chief Executive Jeff Kindler said in a statement.

The company said the US health care overhaul reduced revenue in the first quarter by US$56 million.

Chief Financial Officer Frank D’Amelio said Pfizer now expects the new health law to reduce revenue by about US$300 million this year, but the company is reaffirming its profit forecast for this year anyway. Pfizer is forecasting earnings per share of 95 cents to US$1.10 per share, adjusted income of US$2.10 to US$2.20 per share, and revenue of about US$68 billion.

In premarket trading, Pfizer shares edged up to US$17.17 from Monday’s close of US$16.91.