Pfizer Inc, the world's largest drug maker, on Wednesday reported higher-than-expected quarterly earnings, helped by lower costs, favourable taxes and the absence of big charges recorded last year for repatriating overseas profits.
But the company, whose shares fell 1 percent, posted its third straight quarterly decline in revenue. And Pfizer affirmed its forecast of slightly lower earnings in 2006 as it faces higher marketing costs later in the year to launch new medicines.
First-quarter earnings rose to $4.11 billion, or 56 cents per share, from $301 million, or 4 cents per share, a year earlier.
Excluding special items, Pfizer earned 61 cents per share, exceeding the average forecast of 53 cents from analysts polled by Reuters Estimates.
Quarterly revenue fell 3 percent to $12.66 billion, hurt by competition from generics, including cheaper forms of the company's Zithromax antibiotic and treatments for epilepsy and high blood pressure.
Sales of cholesterol fighter Lipitor rose only 1 percent, to $3.11 billion, but Pfizer stuck to its forecast that the world's top-selling medicine would post sales of more than $13 billion for the full year.
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