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Pfizer Inc. (PFE)'s Need For A Deal Looms Larger As Second Quarter Profits Sinks 79 Percent


7/29/2014 6:16:24 AM

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(Reuters) - Pfizer Inc (PFE.N), which in May officially abandoned its bid to buy British rival AstraZeneca Plc, reported higher-than-expected second-quarter revenue, helped by growing demand for its cancer medicines.

The largest U.S. drugmaker on Tuesday said it had earned $2.91 billion, or 45 cents per share. That compared with $14.1 billion, or $1.98 per share, a year earlier, when Pfizer received more than $10 billion in proceeds from the spinoff of its animal health business into a new publicly traded company, Zoetis (ZTS.N).

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