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Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:

Pfizer and Other Drug Makers Report Higher Profits [New York Times]

Summary: Pharmaceutical companies Pfizer, Eli Lilly, Novartis and Wyeth all reported profit gains yesterday, driven in part by a rise in prescriptions written in the U.S. as a result of the new Medicare Part D drug insurance program. Pfizer did caution, however, that it expects flat revenues for the next two years as patents expire on Zoloft, a popular antidepressant, and Norvasc, a high blood pressure drug. Pfizer is also delaying distribution of Exubera, its highly touted, FDA-approved inhaled insulin, until January over concerns about its effect on the lungs. Still, Pfizer expects EPS to grow 7-9% in both 2007 and 2008 through cost-cutting and share buybacks. Novartis AG reported a 12% Q3 net profit rise and Eli Lilly a 10% jump.
Related links: With Pfizer Bigger is BetterMerck Wins FDA Approval for New Type-2 Diabetes DrugDrug Companies Report Solid 3Q Results [Newsday]
Potentially impacted stocks and ETFs: Pfizer Inc. (PFE), Merck & Co. (MRK), Eli Lilly & Co. (LLY), Novartis AG (NVS), Wyeth (WYE) • First Trust Morningstar Dividend Leaders Index Fund (FDL), iShares Dow Jones U.S. Pharmaceuticals Index Fund (IHE), WisdomTree Trust WisdomTree HighYielding Equity (DHS)

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Source: Pharmaceuticals Show Higher Profits, But Pfizer Forecasts Flat Revenues Through 2008