NEW YORK CITY: US pharmaceutical giant Pfizer Inc yesterday reported a 19 percent drop in earnings on lower revenues and higher taxes as it works to rebuild its product pipeline following patent expirations.
Net income came in at $2.6bn on revenues of $12.6bn, down from $3.2bn on revenues of $13bn in the year-ago period.
The results translated into earnings-per-share of 58 cents, excluding the effects of acquisitions and divestitures and special items, two cents above analyst forecasts. Revenues slightly lagged analyst projections of $12.7bn.
Revenues from two of the company’s blockbuster drugs, cholesterol drug Lipitor and sexual dysfunction drug Viagra, continued to erode in the quarter. The company’s top two sellers are now Lyrica, which treats nerve and muscle pain, and the Prevnar line of vaccines.
AFP
