Summary Box: Pfizer 1Q results frustrate investors

AP News
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Posted: May 03, 2011 2:36 PM
Summary Box: Pfizer 1Q results frustrate investors

PFIZER FLOP: Shares of drugmaker Pfizer Inc. drop amid flat first-quarter sales, rising generic competition, a lowered revenue forecast and growing pressure to sell parts of the company.

THE RESULTS: The world's biggest drugmaker earned net income of $2.22 billion, or 28 cents per share, up 10 percent due to lower costs. Revenue was $16.5 billion, just below Wall Street expectations.

THE PROBLEM: Pfizer has some promising drugs in development, but hasn't found a way to offset patent losses for cholesterol blockbuster Lipitor and other major drugs or to boost its languishing share price.