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Pfizer Quarterly Earnings Drop 10%

|Includes: Pfizer Inc. (PFE)

Originally published at

Pfizer (NYSE:PFE) announced its second quarter financial results, reporting a revenue decrease of 7% to $12.97B. The company's earnings decreased 10%, from $4.45B a year ago this quarter to now $4.00B. Earnings per share fell $0.03 from $0.59 per share to $0.56 per share. Pfizer's revenue of $12.97B fell just short of the $13.02B expected by analysts, with the 7% decrease credited to a 4% decline in operations and a 3% impact from foreign exchange rates. Pfizer, along with other pharmaceutical companies, is trying to steer its business away from slow-growth operations. The company plans to separate its commercial operations into three business units and analysts are hoping the company will also spin-off its generics business, though that is unlikely before 2016. CEO Ian Read remarked that the company is positioning itself for long-term success and reaffirmed the annual earnings forecast of $2.10 to $2.20 earnings per share.

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