Pfizer 1Q profit drops 15 pct due to lower sales
The drugmaker Pfizer says its first-quarter profit dropped 15 percent due to cheaper generic competition that continues to reduce sales of its multiple medicines and the end of some partnerships with other drug makers.
The maker of Viagra says net income was $2.33 billion, or 36 cents per share, for the January-March period. That's down from $2.75 billion, or 38 cents per share, a year earlier.
Excluding one-time charges, income was 57 cents per share. Analysts surveyed by FactSet expected 55 cents per share.
Revenue totaled $11.35 billion, down 9 percent. Analysts expected $12.08 billion.
Pfizer, which recently has made three unsuccessful offers to acquire rival AstraZeneca Plc, confirmed its 2014 profit forecast for earnings per share of $2.20 to $2.30 and revenue of $49.2 billion to $52.3 billion.
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