Pfizer beats profit forecast, helped by cost cuts
REUTERS - Pfizer Inc (PFE.N) reported better-than-expected quarterly earnings as cost controls partly offset plunging sales of its Lipitor cholesterol fighter, now facing competition from cheaper generics.
The largest U.S. drugmaker said on Tuesday that it earned $1.79 billion, or 24 cents per share, in the first quarter. That compared with $2.2 billion, or 28 cents per share, in the year-earlier period when results were hurt by a litigation charge and costs of revamping research operations.
Excluding special items, Pfizer earned 58 cents per share. Analysts, on average, had expected 56 cents per share.
The company's revenue fell 7 percent to $15.41 billion, a bit below Wall Street expectations of $15.47 billion.
(Reporting By Ransdell Pierson)
- Tweet this
- Share this
- Digg this
- Google's Pichai to oversee major products and services
- Modi takes tea, but no questions, in first press event as PM
- UPDATE 2-Motor racing-Caterham and Marussia to miss next races - Ecclestone
- Two killed, four wounded in Washington state school shooting
- Finance Minister Arun Jaitley favours interest rate cut - paper
The latest Reuters poll of 20 economists taken over the past week shows Asia's third-largest economy will likely grow 5.5 percent this fiscal year and 6.4 percent the next, slightly better than 5.3 percent and 6.3 percent expected in the July poll. Full Article
Euro zone risks "relapse into recession" without structural reforms - Draghi. Full Article
Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw” Full Article