Pfizer Blames Patent Expirations For Weaker Profit Outlook

Law360, New York (July 21, 2005, 12:00 AM EDT) -- Patent expirations continue to weigh on the profitability of Pfizer Inc., the drug maker’s chief executive told analysts on Thursday.

Nonetheless, the world's largest drug maker said second-quarter earnings rose 21%, thanks to tax gains and higher sales of its best-selling Lipitor cholesterol medicine.

Revenues also grew modestly in the quarter, Pfizer said.

"We did achieve revenue growth, which was no small feat," Hank McKinnell, Pfizer's chairman and chief executive, said during a conference call with analysts to discuss the company's second-quarter results.

McKinnell is carrying...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.