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Pfizer 2Q net up 5 pct. on lower charges, taxes
Drugmaker Pfizer's 2Q net rises 5 pct. on lower restructuring charges, taxes; sales dip 1 pct.
By The Associated Press

NEW YORK (AP) ' Pfizer Inc. says it second-quarter profit is up 5 percent despite slightly lower sales, thanks to lower taxes and reduced restructuring charges from its 2009 purchase of Wyeth.

The world's biggest drugmaker says its net income was $2.61 billion, or 33 cents per share, up from $2.48 billion, or 31 cents a share, in 2010's second quarter.

Excluding one-time items, the New York-based maker of cholesterol fighter Lipitor and impotence pill Viagra would have made $4.73 billion, or 60 cents a share.

Analysts surveyed by FactSet were expecting earnings per share of 59 cents.

Pfizer says its revenue totaled $16.98 billion, down 1 percent despite strong growth in emerging markets. Analysts were looking for revenue of $17.02 billion.

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