Arab Today, arab today pfizer profit tops forecasts as patent issues loom
Last Updated : GMT 06:37:29
Arab Today, arab today
Arab Today, arab today

Pfizer profit tops forecasts as patent issues loom

Arab Today, arab today

Arab Today, arab today Pfizer profit tops forecasts as patent issues loom

New York - AFP

US pharmaceuticals giant Pfizer said Tuesday that its second-quarter profit rose 5 percent from a year ago to $2.6 billion, slightly beating analysts\' expectations. The company\'s revenues for the April-June period were $17.0 billion, down one percent from the same period last year, the New York-based company said in a quarterly earnings report. Diluted earnings per share were 60 cents, just above the consensus analyst forecast of 59 cents. \"Our performance this quarter was in-line with our expectations,\" chief executive Ian Read said in a statement. Pfizer\'s \"results were impacted by losses of exclusivity of several key products in certain geographies,\" Read said. Pfizer is facing uncertainty as some of its top-selling drugs are set to lose patent protection in the near future, notably anti-cholesterol drug Lipitor, which will go off-patent in the United States in November. The company said its emerging markets unit lost $59 million in sales as a result of several key medicines, including Lipitor and sexual-potency drug Viagra, being opened up to competition in Mexico and Brazil in 2010. Shares of Pfizer fell 1.2 percent in pre-market trading after the earnings report was released.

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