Pfizer beats forecasts with second-quarter profits

Pfizer has reported second-quarter profits that exceeded analysts' estimates, despite revenue declining as a result of expiring patents.

The world's biggest pharmaceutical firm said profit excluding some items was 60 cents a share – one cent higher than the average estimate of 16 experts polled by Bloomberg.

Second-quarter revenues stood at $17 billion (10.3 billion pounds), a decrease of one percent compared with the corresponding period last year.

Ian Read, president and chief executive of Pfizer, said the performance was "in line with our expectations".

He added: "We will continue to invest in areas that will enhance our presence, expand the breadth of our portfolio and position our businesses to better capitalise on high-growth opportunities."

Pfizer is preparing to face generic competition to Lipitor – the world's best-selling drug – from November, when it will lose the exclusive rights to the cholesterol control treatment.

According to the firm's statement, sales of Lipitor stood at $2.59 billion in the second quarter of 2011.