New York drugmaker Pfizer Inc.’s second-quarter net income jumped 25 percent as sharply lower costs for production, marketing and restructuring more than offset a plunge in revenue from cholesterol fighter Lipitor due to increasing generic competition, The Associated Press reports.
The world’s biggest drugmaker with Groton research and development operations easily beat Wall Street expectations.
The Viagra maker said Tuesday that 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 $14.93 billion, according to FactSet.
