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Money News

Pfizer posts 30% rise in quarterly profit

A logo of the American pharmaceutical corporation Pfizer Inc., is seen in Toluca, Mexico October 1, 2018. REUTERS/Edgard Garrido

(Reuters) - Pfizer Inc on Monday reported a 30% rise in quarterly profit, helped by demand for its branded treatments such as Ibrance, Eliquis and Xeljanz.

Pfizer, which was scheduled to report its second-quarter earnings on Tuesday, also said it would combine Upjohn, its off-patent drugs business, with Mylan NV.

Pfizer said net income rose to $5.05 billion, or 89 cents per share, in the second quarter, from $3.87 billion, or 65 cents per share, a year earlier.

Revenue fell 1.5% to $13.26 billion.

Reporting by Tamara Mathias in Bengaluru; Editing by Maju Samuel

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