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Pfizer Needs AstraZeneca More Than Ever as Generics Increase

May 5, 2014
TheStreet / Powered by
Pfizer shares are slipping after the drug maker posted first-quarter profits 15% lower than a year earlier and revenue down 9%. Net income of 57 cents a share beat expectations by 2 cents, but $11.3 billion in sales fell short of analysts' estimates of $12.1 billion. The weaker-than-expected report comes days after its latest offer to purchase British drug maker AstraZeneca for $106 billion was rejected. Pfizer has seen lost profits on greater competition from generic brands on the market. Video provided by TheStreet
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