Pfizer: Sales decline hurts revenue

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PFIZER, the drugmaker that failed in a bid to buy UK-based AstraZeneca earlier this year, saw second-quarter revenue fall as sales of its drugs decreased, the company said yesterday. Excluding certain items, Pfizer’s earnings were 58c a share, 1c above the average estimates of 15 analysts surveyed by Bloomberg. Sales fell 2 percent to $12.8 billion (R136bn), more than analyst estimates of $12.5bn. Sales of Viagra, the erectile dysfunction pill, fell 11 percent to $427 million, including a 28 percent decline outside the US. Pfizer’s net income was $2.91bn, or 45c a share, down from $14.1bn, or $1.98 a share a year before, when Pfizer divested an animal health unit and received a legal settlement. – Bloomberg


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