UPDATE: Pfizer Posts Upbeat Q2 Earnings

Pfizer PFE reported a surge in its second-quarter earnings. Pfizer's quarterly profit surged to $14.1 billion, or $1.98 per share, from $3.25 billion, or $0.43 per share, in the year-ago period. Excluding one-time items, its adjusted earnings declined to $0.56 per share from $0.59 per share. Its revenue fell 7.1% to $12.97 billion. However, analysts were expecting earnings of $0.55 per share on revenue of $13.01 billion. Pfizer's operating margin widened to 41.3% from 29.9%. Pfizer shares closed at $29.54 yesterday.