US pharmaceutical giant Pfizer on Tuesday reported a big jump in annual profits due to a one-time gain from its sale of Zoetis, but revenues slipped on lower Lipitor sales.
Lipitor (atorvastain calcium) tablets from Pfizer pictured in Washington. US pharmaceutical giant Pfizer on Tuesday reported a big jump in annual profits due to a one-time gain from its sale of Zoetis, but revenues slipped on lower Lipitor sales.
Net income came in at $14.1 billion in the second quarter compared with $3.3 billion during the same period last year, but that included a one-time $10.5 billion gain from Pfizer's disposition of its Zoetis animal-care division.
Dow-member Pfizer said adjusted net income for the second quarter, excluding Zoetis and other items, came in at $4.0 billion, compared with $4.4 billion a year ago, a drop of 10 percent.
Revenues were seven percent lower at $12.97 billion.
The results translated into adjusted income of 56 cents per share, a cent above expectations. Revenues came in shy of the $13.02 billion forecast by analysts.
Pfizer has suffered from the recent loss of exclusivity of its blockbuster cholesterol drug Lipitor, a trend that continued in the most recent quarter, with global Lipitor revenues shrinking to $545 million from $1.2 billion.
Pfizer insists it has a number of promising medicines in the pipeline.
The US Food and Drug Administration (FDA)has accepted a supplemental new drug application for Eliquis, which could be used in adults who have undergone knee or hip replacement surgery and have problems with pulmonary embolism.
The US Food and Drug Administration also accepted a supplemental application for Xeljanz for rheumatoid arthritis.
But European regulators denied an initial request and appeal for review of Xeljanz for use in adult patients. Pfizer said it is studying its options.