New York: US pharmaceutical giant Pfizer Tuesday reported a smaller drop in sales than expected as second-quarter earnings fell sharply due to a one-time gain last year.
Pfizer, which is contending with patent expirations on a number of blockbuster medications, said earnings were USD 2.9 billion, down more than 79 percent from a year ago.
The 2013 period was boosted by a USD 10.6 billion gain resulting from Pfizer`s spinoff of its animal care assets into Zoetis, which is now publicly traded.
"Overall, I am pleased with our second-quarter 2014 financial results despite the continued negative impact from product losses of exclusivity and the termination of certain co-promotion collaborations," said Pfizer chief financial officer Frank D`Amelio.
Revenues for Pfizer`s business unit covering more established treatments declined five percent due to expiration of a number of major patents, including its sexual-dysfunction pill Viagra in several European markets in June 2013.
Revenues for the innovative products division also fell five percent due to the expiration of a patent for painkiller Lyrica in Canada, among other factors.
These results were partially offset by a 14 percent rise in global vaccines revenues and a 16 percent jump in global oncology revenues.
Overall, Pfizer revenues slipped 1.5 percent to USD 12.77 billion, better than the USD 12.47 billion projected by analysts.
Adjusted earnings translated into 58 cents per share, a penny above analyst expectations.
Pfizer in May dropped a campaign to acquire British drugmaker AstraZeneca, although analysts think the US company could revive the effort later this year.
Dow component Pfizer rose 1.4 percent in pre-market trade to USD 30.51.
