Drugmaker Pfizer Inc. beat Wall Street expectations with higher profit and revenue in the third quarter, the last before generic competition starts wiping out sales of Lipitor, the cholesterol blockbuster that has buoyed the company for years.
Pfizer said Tuesday that its third-quarter profit more than tripled, lifted by higher international revenue, the sale of a business and much lower charges compared with the year before. Pfizer also raised its earnings outlook.
The world's biggest drugmaker said its net income was $3.74 billion, or 48 cents a share. That was boosted by a $1.32 billion gain from the August sale of its Capsugel capsule-making business.
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