Pfizer beats forecasts with second-quarter profits
3 August 2011 00:00 in Pharmaceutical Company Financials
Pfizer has reported second-quarter profits that exceeded analysts' estimates, despite revenue declining as a result of expiring patents.
The world's biggest pharmaceutical firm said profit excluding some items was 60 cents a share - one cent higher than the average estimate of 16 experts polled by Bloomberg.
Second-quarter revenues stood at $17 billion (10.3 billion pounds), a decrease of one percent compared with the corresponding period last year.
Ian Read, president and chief executive of Pfizer, said the performance was "in line with our expectations".
He added: "We will continue to invest in areas that will enhance our presence, expand the breadth of our portfolio and position our businesses to better capitalise on high-growth opportunities."
Pfizer is preparing to face generic competition to Lipitor - the world's best-selling drug - from November, when it will lose the exclusive rights to the cholesterol control treatment.
According to the firm's statement, sales of Lipitor stood at $2.59 billion in the second quarter of 2011.
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Story collated for Zenopa by the Axonn News Agency