Pfizer earnings hit by sales drop: I'm out took profit from $24
Pfizer earnings hit by sales drop
Pfizer reported earnings a share down 5 per cent in the second quarter on sales down 7 per cent following patent expirations, as it revealed details of plans to split reporting into three separate business units from next year.
The US pharmaceutical group maintained guidance, despite the loss of exclusivity in many markets of Lipitor, its cholesterol-lowering blockbuster treatment. It reported earnings down to $0.56 a share on the same period last year, on sales of $13bn.
At a time of intensifying Chinese inquiries into the western pharmaceutical industry, Ian Read, chief executive, said he anticipated further emerging markets growth in the second half of the year, led by China.