UPDATE: Pfizer Posts Upbeat Q3 Profit
Pfizer (NYSE: PFE) reported a drop in its third-quarter profit.
Pfizer's quarterly profit declined to $2.59 billion, or $0.39 per share, versus a year-ago profit of $3.21 billion, or $0.43 per share, in the year-earlier period. Its adjusted earnings climbed 16% to $0.58 per share.
Its revenue fell 2% to $12.64 billion from $12.95 billion. However, analysts were projecting earnings of $0.56 per share on revenue of $12.7 billion.
Pfizer lowered its 2013 earnings view to $3.05 to $3.15 per share, versus its earlier forecast of $3.07 to $3.22 per share.
Pfizer shares closed at $30.74 yesterday.
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