(MENAFN- AFP) 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 $2.9 billion, down more than 79 percent from a year ago.
The 2013 period was boosted by a $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 $12.77 billion, better than the $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 $30.51.
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