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Pfizer beats as cost cuts help
PFIZER reported higher-than-expected quarterly earnings yesterday as cost controls partly offset plunging sales of its Lipitor cholesterol fighter, which now faces competition from cheaper generics.
The largest US drugmaker said yesterday that it had earned $1.79bn (£1.1bn) in the first quarter. That compared with $2.2bn a year earlier, when results suffered because of a litigation charge and costs of revamping research operations.
Revenue fell seven per cent to $15.41bn, slightly below forecasts.