Pfizer Inc., with R&D operations in Groton, said Tuesday that its second-quarter profit rose 5 percent, as lower taxes and reduced restructuring charges from its 2009 purchase of Wyeth offset growing generic competition cutting into sales, The Associated Press reports.
The world’s biggest drugmaker by revenue said its net income was $2.61 billion, or 33 cents per share, up from $2.48 billion, or 31 cents a share, in 2010’s second quarter.
Excluding one-time items, the New York-based maker of cholesterol fighter Lipitor and impotence pill Viagra would have made $4.73 billion, or 60 cents a share.
Analysts surveyed by FactSet were expecting earnings per share of 59 cents.
Pfizer said its revenue totaled $16.98 billion, down 1 percent. That was just below the $17.02 billion analysts were anticipating, despite a 4 percent boost from favorable currency exchange rates.
Sales were down in all of Pfizer’s pharmaceutical businesses except for the emerging markets segment, where they jumped 7 percent including the currency boost.
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