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Pfizer 3Q profit down 70 percent due to charges

Pfizer 3Q profit down 70 percent due to charges

November 2nd, 2010 in News

NEW YORK (AP) - Pharmaceutical giant Pfizer Inc. says revenue in the third quarter jumped 39 percent due to its acquisition of fellow drugmaker Wyeth, but hefty charges dragged its profit down 70 percent.

The New York maker of cholesterol blockbuster Lipitor and impotence pill Viagra says net income was $866 million, or 11 cents per share. That's down from $2.88 billion, or 43 cents per share, a year earlier.

Excluding one-time items, net income would have been $4.37 billion, or 54 cents per share. That topped Wall Street expectations by three cents.

Revenue came up short of that mark at $16.17 billion. Analysts were expecting, on average, revenue of $16.68 billion. But that was up from $11.62 billion in the third quarter of 2009.