Pfizer beats profit forecast

Pfizer Inc reported better-than-expected quarterly earnings as cost controls partly offset plunging sales of its Lipitor cholesterol fighter,now facing competition from cheaper generics.

The largest US drugmaker said on Tuesday that it earned $1.79 billion,or 24 cents per share,in the first quarter. That compared with $2.2 billion,or 28 cents per share,in the year-earlier period when results were hurt by a litigation charge and costs of revamping research operations.

Excluding special items,Pfizer earned 58 cents per share. Analysts,on average,had expected 56 cents per share.

The company’s revenue fell 7 per cent to $15.41 billion,a bit below Wall Street expectations of $15.47 billion.