Pfizer Inc. says its second-quarter net income jumped 25 percent as sharply lower production, marketing and restructuring costs more than offset a plunge in revenue from cholesterol fighter Lipitor caused by generic competition.
The world's biggest drugmaker easily beat Wall Street expectations. Pfizer's stock rose 55 cents, or 2.3 percent, to $24.26 in premarket trading.
The Viagra maker says its net income was $3.25 billion, or 43 cents per share, up from $2.61 billion, or 33 cents per share, a year earlier.
Excluding one-time items, adjusted net income was $4.67 billion, or 62 cents per share. That beat Wall Street expectations for 54
cents per share.
Revenue totaled $15.06 billion, down 9 percent from $16.49 billion a year ago. It still topped expectations for $149.93 billion, according to FactSet. - Sapa-AP