Pfizer 2Q Net Up 5.5% On Fewer Charges, Lower Tax Rate |
| Wall Street Journal - Aug 2, 2011 |
Drug maker Pfizer Inc. (PFE) reported Tuesday a 5.5% increase in second-quarter earnings on lower acquisition-related charges and a lower tax rate, while generic competition for antidepressant Effexor and other drugs pushed revenue down 1%.
The quarterly results exceeded Wall Street expectations, and the New York-based company also reaffirmed its financial forecast for full-year 2011 and 2012.
Pfizer shares, however, fell 47 cents, or 2.5%, to $18.54, as health-care stocks continued to be pressured by concerns that U.S. deficit-reduction measures could include cuts to government health programs including Medicare, a source of revenue for health-care companies.
Pfizer Chief Executive Ian Read said it's too soon to gauge what effect any deficit-reduction measures would have on the industry. But he said he would oppose any changes to the Medicare Part D drug benefit, calling it a successful program that has come in under initial budget forecasts.
Read Full Article from Wall Street Journal
- Posted: 2011-08-02 12:05:43
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