Pharmaceutical giant Pfizer reports 5pc rise in profits

2 Aug 2011

Strong pain medicine sales and solid animal health business pushed pharmaceutical giant Pfizer’s second-quarter profits up 5pc.

Pfizer’s net income increased to US$2.6bn, or 33 cents a share. The company’s net income for the same period a year ago was US$2.45bn, or 31 cents a share.

However, weak pharmaceutical sales due to generic competition brought revenue down 1pc to US$16.98bn.

Pfizer is expecting another sales slump when its best-selling cholesterol drug, Lipitor, faces generic competition in the US in November, the Financial Times reported.

Global sales of Lipitor decreased 8pc to US$2.6bn.