Pfizer 2Q net income rises 25 pct on lower costs |
| Wall Street Journal - Jul 31, 2012 |
Pfizer Inc.'s second-quarter net income jumped 25 percent as sharply lower costs for production, marketing and restructuring more than offset a plunge in revenue from cholesterol fighter Lipitor caused by generic competition.
The world's biggest drugmaker easily beat Wall Street expectations. Pfizer's stock rose 41 cents, or 1.7 percent, to $24.12 in premarket trading.
The Viagra maker, based in New York, said Tuesday that its net income was $3.25 billion, or 43 cents per share, up from $2.61 billion, or 33 cents per share, a year earlier.
Excluding one-time items, adjusted net income was $4.67 billion, or 62 cents per share. That beat Wall Street expectations for 54 cents per share.
Revenue totaled $15.06 billion, down 9 percent from $16.49 billion a year ago. It still topped expectations for $14.93 billion, according to FactSet.
The company noted that sales lost to generic competition cost it about $2 billion in the quarter.
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- Posted: 2012-07-31 14:24:28
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