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Pfizer 1Q profit up, but drugmaker cuts outlook
San Francisco Chronicle

Pfizer Inc.’s first-quarter net income rose 53 percent despite falling sales, mainly because the world’s second-largest drugmaker took big charges a year ago. Pfizer’s results fell short of Wall Street’s expectations, and the company lowered its profit and sales forecasts for the year, blaming sudden worsening of currency exchange rates. Pfizer is struggling because generic competition is reducing revenue for two-thirds of its drugs, more than a dozen of which are former blockbusters that had brought in $1 billion or more annually.

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