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News Summary: Pfizer 1Q profit up, forecast down

The Associated Press

THE RESULTS: Drugmaker Pfizer's results for the first quarter missed analysts' expectations, as generic competition cut sales by 9 percent to $13.5 billion. Net income jumped 53 percent, but only because of a one-time gain in the quarter and big charges a year earlier.

THE REACTION: Between the weak results and Pfizer lowering its profit and revenue forecast for the year, investors drove down shares by an unusually steep 4.5 percent.

THE FUTURE: Pfizer's just launched two drugs that could be blockbusters and is increasing sales of its consumer health products and in emerging markets such as China.