Amid revenue growth fueled by higher drug prices, Pfizer Inc. reported an 18 percent drop in earnings as sales of two of its best selling drugs waned.
The New York-based company reported first quarter net income of $3.4 billion compared to $4.1 billion in the first quarter of the previous year.
Revenue rose from 11.7 billion to $12.5 billion during the quarter, the company reported. Pfizer, the world’s largest drug maker, credited higher drug prices and increased sales of the cholesterol drug Lipitor with the revenue bump.
The company said sales of its antidepressant Zoloft had slowed, and sales of generic versions of its Norvasc blood pressure drug had hurt the bottom line.
