Pfizer sees profit dip in first quarter, as revenue falls ahead of Wyeth merger
Global drug behemoth Pfizer's first-quarter 2009 income was down by 2%, year-on-year, due to falling sales for most of its products. The firm is preparing to close its acquisition of US drug major Wyeth (Marketletters passim).
The company's net income fell to $2.73 billion, or $0.40 per share, versus $2.78 billion, or $0.41 per share. Revenue was down 8% to 10.87 billion. R&D costs were $1.71 billion, 5% lower.
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