Pfizer Q3 : Profit rises 34%

by khalid on 20/10/2009 · 0 comments

pfizer

The world’s biggest drugmaker, Pfizer Inc. reported the market that its profit for the Q3 of the current fiscal is $ 2.88 billion which is an increase of 34% over the corresponding Q3 of the last fiscal and it was $ 2.28 billion.

Analysts expected 48 cents per share earning, and the company beat the analysts and earned 51 cents per share. At the same time sales of the company declined 3% to $ 11.6 billion while analysts estimates it at $ 11.41 billion.

This Q3 profit of Pfizer Inc is due to aggressive cost-cutting which helped offset unfavorable foreign currency exchange rates and declining sales of drugs, including those facing competition from cheaper generics.

Pfizer acquired $ 67.3 billion Wyeth, and this deal will help the company soften the 2011 blow from the loss of U.S. patent protection on the cholesterol drug Lipitor.

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