Pfizer Q1 earnings edge higher

Pfizer reported slightly higher first-quarter net profit as growth in drugs such as the blood thinner Eliquis offset declines in products with expiring patents. Net income was $3.1 billion, up 2.7 percent from the year-ago period. Revenues dipped 1.7 percent to $12.8 billion. Besides Eliquis, other drugs with growth included the breast cancer medicine Ibrance, the epilepsy drug Lyrica, the rheumatoid arthritis drug Xeljanz and the prostate cancer drug Xtandi, which Pfizer assumed with its 2016 acquisition of biotech company Medivation. But revenues in Pfizer's Essential Health business, which generally comprises older products, fell nine percent due to patent expirations for drugs including antidepressant Pristiq.