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...
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