Pfizer 2Q net up 5 pct. on lower charges, taxes

NEW YORK (AP) — Pfizer Inc. said Tuesday that its second-quarter profit rose 5 percent, as lower taxes and reduced restructuring charges from its 2009 purchase of Wyeth offset growing generic competition cutting into sales.

The world's biggest drugmaker by revenue said 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 said its revenue totaled $16.98 …