New York: Pfizer reported higher second-quarter profits on Tuesday on increased overall sales and lower US taxes, but trimmed its full-year revenue forecast because of the strong dollar. The US pharmaceutical giant reported earnings of $3.9 billion, up 26 per cent from the year-ago period.
The tax rate fell to 14.3 per cent from 19.4 per cent last year following US tax reform, boosting results. Revenues climbed four percent to $13.5 billion. Pfizer cited solid growth in a number of products, including blood thinner Eliquis, breast cancer medication Ibrance, and Xeljanz, which treats rheumatoid arthritis and some other ailments.
These gains helped offset lower sales in some drugs that have lost their patents, notably erectile dysfunction drug Viagra.