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Pfizer profit rises on lower costs

NEW YORK (Reuters) - Pfizer Inc <PFE.N> posted a higher-than-expected quarterly profit on Tuesday, as the world's largest drug maker better controlled costs and benefited from the weaker dollar.
/ Source: Reuters

NEW YORK (Reuters) - Pfizer Inc posted a higher-than-expected quarterly profit on Tuesday, as the world's largest drug maker better controlled costs and benefited from the weaker dollar.

Pfizer, whose shares rose 3 percent in premarket trading, said it earned $2.28 billion, or 34 cents per share.

That compared with $761 million, or 11 cents per share in the year-earlier period, when the company took a big charge to end its involvement with an inhaled insulin drug.

Excluding special items, Pfizer earned 62 cents per share. Analysts on average expected 60 cents a share, according to Reuters Estimates.

Revenue was barely changed at $11.97 billion. Foreign exchange favorably impacted reported revenue by about $620 million, or 5 percent, Pfizer said.

Pfizer also narrowed its full-year adjusted profit forecast to $2.36 to $2.41 per share, from its previous view of $2.35 to $2.45.

(Reporting by Lewis Krauskopf and Ransdell Pierson; Editing by Maureen Bavdek)