Pfizer beats profit forecast, helped by cost cuts

Tue May 1, 2012 4:51pm IST

Related Topics

Stocks

   

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)

FILED UNDER:

Monetary Policy Committee

Reuters Showcase

Microfinance

Microfinance

Funding the unfunded: India helps small business borrow to grow  Full Article 

Insurance Sector

Insurance Sector

UK healthcare firm Bupa sees strong growth in India  Full Article 

Sensex Rises

Sensex Rises

Sensex edges up; consumer and healthcare stocks rise  Full Article 

Market Eye

Market Eye

FTSE adds nine Indian firms as large-caps in Asia-Pacific ex-Japan index   Full Article 

Indian Ocean Diplomacy

Indian Ocean Diplomacy

PM Modi to ramp up help for Indian Ocean nations to counter China influence  Full Article 

ECB Bond-Buying

ECB Bond-Buying

ECB raises growth forecasts, to start printing money next week  Full Article 

China Economy

China Economy

China signals "new normal" with lower annual growth target  Full Article 

Pharma Sector

Pharma Sector

Panel recommends waiving late-stage trials for some drugs  Full Article 

E-commerce

E-commerce

China backs e-commerce expansion in win for Alibaba, JD.com  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage