Pfizer beat Wall Street expectations for first-quarter profit thanks to reduced spending on operations and legal costs, plus strong sales of key new drugs and longtime blockbuster pain treatment Lyrica.
But revenue at the top U.S. drugmaker dipped 1 percent as competition intensified from rival brands and generic copycats.
Pfizer is near the end of a years-long stretch in which generic competition cut into revenue from its one-time blockbuster drugs, including cholesterol, heart and pain drugs.
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