Pfizer sees jump in Q2 earnings

Pfizer reported a jump in second-quarter profits yesterday, pointing to growth in key oncology drugs and other medications, although revenues fell more than expected.

Net income in the quarter ending July 2 came in at US$3.1 billion, up 50 percent from the year-ago period. A key factor in the increase was US$816 million in asset impairment costs during the 2016 quarter.

Revenues dipped two percent to US$12.9 billion, in part because of unfavorable foreign exchange rates.

Pfizer pointed to solid growth in such drugs as oncology medications Ibrance and Xtandi, anti-inflammatory drug Xeljanz and blood thinner Eliquis.

These medications have helped make up for smaller sales since drugs like sexual dysfunction drug Viagra lost their patent protection.