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:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Quarterly Results

Quarterly Results

HDFC Bank net profit up 20 percent, lags estimates.  Full Article 

China Economy

China Economy

China's growth slowest since global crisis, annual target at risk  Full Article 

Coal Reforms

Coal Reforms

Factbox - India pushes ahead with coal reforms  Full Article 

Apple Result

Apple Result

Apple's iPhone sales beat Street but iPad volumes slide  Full Article 

Airport Accident

Airport Accident

Total CEO de Margerie killed in Moscow plane accident - airport spokeswoman.  Full Article 

Nadella's Paycheck

Nadella's Paycheck

New Microsoft CEO Nadella's pay tops $80 mln with big stock awards.  Full Article 

Deregulation Impact

Deregulation Impact

Private fuel retailers to dip toe, not dive back, into India  Full Article 

JLR China

JLR China

JLR sees 20 percent growth in China sales this year - exec  Full Article 

An RBI First

An RBI First

RBI releases minutes of financial stability council's Aug meet  Full Article 

Reuters India Mobile

Reuters India Mobile

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