Pfizer profit more than quadruple in second quarter

NEW YORK (AE)-Pfizer, which is part of Dow Jones, said that its profit more than quadrupled in the second quarter, as gains from asset sales and other items offset a decline greater than expected revenue. The company's profit rose to $ 14.1 billion, or $ 1.98 per share, from a profit of $ 3.25 billion, or $ 0.43 per share, in the same period last year.
Excluding items such as gains from asset sales, cost of acquisition and restructuring charges, adjusted earnings fell to $ 0.56 per share in the second quarter, $ 0.59 per share a year earlier. The company's revenues shrank by 7.1%, to $ 12,97 billion.
Analysts polled by Thomson Reuters predicted earnings per share of $ 0.55 and $ 13.01 billion.
The company said it will reorganize its operations into three business units, in a setting that, according to the pharmaceutical industry, will help her to concentrate on the growing needs of its various markets, but could eventually pave the way to a division of the company. Source: Dow Jones Newswires.