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Pfizer reported a dip in second-quarter profits on Tuesday, but boosted its forecast due in part to higher revenues from cancer drugs and global vaccines. Earnings for the pharmaceutical giant for the quarter ending June 28 were $2.6 billion, down 9.8 per cent from the year-ago period. Revenues slid 7.2 per cent to $11.85 billion. Revenues in Pfizer's established products business fell sharply, due in part to the expiration of key patents.
Sales of the anti-inflammatory medication Celebrex fell to $224 million from $762 million in the year-ago quarter. Compounding that difficulty was the strong dollar, which dented revenues by $1 billion.
