Pfizer's second-quarter profit slightly exceeded analysts' estimates Wednesday and the company said it has achieved "significant milestones" regarding the pending Wyeth acquisition.
The company's second-quarter results fell 19 percent, as the strong dollar crimped revenue across its product line.
The world's largest drugmaker earned $2.26 billion, or 34 cents per share, compared with $2.78 billion, or 41 cents per share, in the year-earlier period.
Adjusted earnings per share were 48 cents in the second quarter compared with the analysts' consensus estimate of 47 cents. That was down from 55 cents a share in the same period of last year.
Revenue fell 9 percent from the same period a year ago to $10.9 billion, shy of the $11.26 billion estimate, Pfizer said in a statement.
Foreign exchange had an unfavorable impact on revenues of about $1.1 billion or 9 percent, it said.