Boosted by cost-cutting that offset lower sales,Pfizer (IW 1000/46), the biggest U.S. drug maker, said Tuesday its second-quarter profit had surged 25% from a year earlier.
The company reported net income of $3.25 billion in the April-June period, compared with $2.6 billion in the same quarter last year.
Revenue fell 9% to $15.0 billion, better than expected, as Pfizer continued to suffer from the loss of exclusivity for its blockbuster anti-cholesterol drug Lipitor.
Ian Read, Pfizer's CEO, noted the second-quarter performance was achieved despite a $1.8 billion, or 11%, hit on revenues from losses of exclusivity on products, mainly Lipitor in most major markets.
U.S. revenues fell 15% to $5.7 billion, primarily as a result of the U.S. loss of exclusivity of Lipitor on November 30, 2011.
International revenues slipped 5% to $9.3 billion as sales were hit by unfavorable foreign-exchange rates.
In emerging markets, sales grew 14%, driven largely by targeted investments in China and Russia.
"Overall, I am confident that Pfizer is well-positioned for long-term success given the potential of our innovative late-stage and emerging pipeline of products and strong cash flow, among other factors," Read said.
Pfizer reaffirmed it 2012 forecast of revenues between $58 to $60 billion.
Copyright Agence France-Presse, 2012