Pfizer profits beat forecasts

City A.M. Reporter
PFIZER reported higher-than-expected quarterly earnings yesterday, due largely to lower spending on research and marketing, and said it may fully divest its animal health unit following an initial public offering of up to 20 per cent of the business.

Pfizer said it earned $3.25bn, or 43 cents per share, in the quarter, compared with $2.61bn, or 33 cents per share, a year earlier. Excluding special items, profit was 62 cents per share. Pfizer’s global revenue fell nine per cent to $15.06bn, hurt by generic competition against cholesterol fighter Lipitor, but it topped Wall Street expectations of $14.87bn.