Pfizer shares fell Monday after the pharmaceutical giant reported its first-quarter profit had dropped 15% due to cheaper generic competition that continues to reduce sales of its multiple medicines, plus the end of some partnerships with other drugmakers.
The stock closed down more than 2.5% at
Pfizer, which recently has made three unsuccessful offers to acquire rival
The maker of Viagra said net income was
Excluding one-time charges, income was
While Pfizer confirmed its adjusted financial guidance for 2014, D'Amelio said the company will update the projections if necessary, when it receives additional financial data about the U.S. exclusivity it enjoys with pain medication Celebrex.
D'Amelio also said Pfizer continues to project repurchasing approximately
The company released its financial results as its bid to acquire British-Swedish multinational
Among Pfizer's top sellers, sales rose 8% to
For the first time, Pfizer reported separate operating results for its three business segments, to give investors more insight into performance as the company considers eventually breaking off some of its business.
All three segments reported sales at least slightly below 2013's first quarter, and income was down for both Pfizer's newer medicines and its older, mostly off-patent drugs.
The segment that includes vaccines, cancer drugs and consumer health products, though, increased income by 6%, to
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