ALSO IN EARNINGS
- The Secret Lives of Traders—Seeking the Next Hot Thing
- China January Trade Surplus Soars as Imports Crumble
- Strip Greenspan of His Knighthood: SocGen Strategist
- Markets Finally Get Greek Deal —So Where's the Rally?
- Warren Buffett: Stocks Will Outperform Gold and Bonds
- Alibaba Plans to Buy Back Yahoo Stake, Go Private
- Greece Deal Fails to Convince, EU Demands More
- 'Mortgage Deal from Hell' Hurts Sound Borrowers: Bove
- Clint Eastwood: Super Bowl Ad Endorses No One
MOST SHARED
- Tesla Unveils First SUV: Model X
- China January Trade Surplus Soars as Imports Crumble
- Sony's Hirai to Extend PlayStation Strategy, Cut Costs
- China City Raises Cash Subsidies for Home Buyers
- India's Tata Steel Posts First Quarterly Loss in 2 Years
- Lightning Round: Yahoo!, CEC Entertainment, Standard Pacific and More
- Jobs You Can Do Forever
- Steelers' Antonio Brown Spends Super Bowl Week with Twitter Fan Turned BFF
- Alibaba Group Plans to Take Hong Kong Unit Private: Report
- How to Date a Wall Street Man
MOST POPULAR
HOT ON FACEBOOK
Pfizer's Profit Slightly Tops Forecasts
Text Size 
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.
US revenue was $4.5 billion, a decrease of 5 percent compared with the year-ago quarter.
The drugmaker has been cutting jobs and other costs to shore up profits as its top-selling medicines endure generic competition and other pressures.
It said operational improvements resulting from cost-reduction initiatives lowered adjusted total costs by about 5 percent for the quarter.
"They're a cost-cutting story and the story is beginning to play out, particularly in this quarter," Morningstar analyst Damien Conover said.
Sales of Pfizer's Lipitor cholesterol fighter, which faces competition from generic versions of other cholesterol medicines, fell 10 percent to $2.7 billion.
Sales of its smoking cessation drug Chantix fell 7 percent to $192 million amid concerns over possible psychiatric side effects. Its Lyrica drug for neuropathic pain and fibromyalgia edged up 2 percent to $629 million.
The deal with Wyeth is essential for Pfizer's [PFE
Loading...
()
] future earnings, Catherine Arnold, pharmaceutical analyst at Credit Suisse, told CNBC.
Pfizer raised its full-year forecast for earnings, excluding items, to a range of $1.90 to $2.00 per share. Previously, it expected $1.85 to $1.95 per share.
Pfizer shares rose 25 cents to $15.95 on the New York Stock Exchange.
— Reuters contributed to this report
- Many have called to abolish the Federal Reserve. But what would happen if it was dissolved for good?
- Entrepreneurs have increasingly been buying back their companies over the last three years.
- Where are the best city locations for singles to take the online dating plunge?
- A Steelers fan spent a week with wide receiver Antonio Brown- and it was all due to tweeting.
- Here’s a look at the woman behind the newest collectible toy that kids love.
- Grab a brew—or not—and click ahead to experience the world’s most highly rated beers.
Data is a real-time snapshot *Data is delayed at least 15 minutes
