(MENAFN) Earnings of Pfizer dropped 79 percent in the second quarter compared to last year, when the world"s second-largest drugmaker booked a business spinoff gain of more than USD10 billion, according to Arab News.
The company's earnings were estimated at USD2.91 billion in the quarter. That compares with earnings of USD14.1 billion last year.
Revenue dropped 2 percent to USD12.77 billion, while analysts forecast USD12.47 billion, on average.
Pfizer Inc. is best known for creating medicines for the masses, including Viagra, the Prevnar vaccine against pneumonia and related infections, and the now-generic cholesterol fighter Lipitor, which was once the world"s best-selling drug.
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