Business

Market Mover

Pfizer lowers forecast amid sales decline

Rival generics have cut into sales of two-thirds of Pfizer’s drugs. Lipitor sales, for example, are down 55 percent to $626 million.

Associated Press/File 2012

Rival generics have cut into sales of two-thirds of Pfizer’s drugs. Lipitor sales, for example, are down 55 percent to $626 million.

Advertisement

Pfizer Inc.’s quarterly net income rose 53 percent $2.75 billion, despite falling sales, mainly because the second-largest drug maker took big charges a year ago. The results fell short of expectations, and Pfizer cut its forecasts, blaming currency exchange rates. Overall, revenue was $13.5 billion, down 9 percent from a year earlier. The yearly profit forecast excluding one-time items was cut 6 cents to $2.14 to $2.24 per share.

Loading comments...
Real journalists. Real journalism. Subscribe to The Boston Globe today.
We hope you've enjoyed your free articles.
Continue reading by subscribing to Globe.com for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com