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Pfizer's 2Q profit sinks 79 pct but tops forecasts

Pfizer's second-quarter earnings plunged 79 percent from last year, when the world's second-largest drugmaker booked a business spinoff gain of more than $10 billion

The Jakarta Post
New York
Tue, July 29, 2014

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Pfizer's 2Q profit sinks 79 pct but tops forecasts

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fizer's second-quarter earnings plunged 79 percent from last year, when the world's second-largest drugmaker booked a business spinoff gain of more than $10 billion. The latest results still edged analyst expectations.

The New York company said Tuesday it earned $2.91 billion, or 45 cents per share, in the quarter. That compares with earnings of $14.1 billion, or $1.98 per share, last year. Adjusted earnings totaled 58 cents per share.

Analysts expected, on average, earnings of 57 cents per share, according to FactSet.

Revenue slipped 2 percent to $12.77 billion, while analysts forecast $12.47 billion, on average.

Pfizer Inc. is best known for creating medicines for the masses, including the erectile dysfunction pill Viagra, the Prevnar vaccine against pneumonia and related infections, and the now-generic cholesterol fighter Lipitor, which was once the world's best-selling drug.

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