News Headlines Article

Pfizer 2Q net up 5 pct. on lower charges, taxes
San Francisco Chronicle

Generic competition cut deeper into drugmaker Pfizer Inc.’s sales in the second quarter — with the U.S. patent expiration for its cholesterol fighter Lipitor, the world’s top-selling drug, just five months away.

The world’s biggest drugmaker eked out a 5 percent profit increase, thanks to lower taxes and reduced restructuring charges from its 2009 purchase of Wyeth. Still, Pfizer shares dropped nearly 5 percent.

The New York-based maker of impotence pill Viagra said its net income was $2.61 billion, or 33 cents per share, up from $2.48 billion, or 31 cents a share, in 2010’s second quarter.