Pfizer publishes latest quarterly financial results

Pfizer has published its latest quarterly financial results, which reflect its performance during the final three months of 2014.

The figures reveal that the pharmaceutical firm's sales fell by three percent to $13.12 billion (8.6 billion pounds), while its overall net income decreased by a significant 52 percent to reach $1.2 billion (79 million pounds).

These falls are being attributed to the expiration of drug patents, as well as currency performances around the world.

Yet the company's best-selling product – a drug entitled Lyrica that is designed to tackle epilepsy and fibromyalgia – saw sales increase by ten percent, netting Pfizer $1.39 billion (91.5 million pounds) during the quarter.

Chief executive of the business Ian Read commented: "We are now in a position to commence over 20 registrational studies during the coming four years with candidates that are based upon strong science and target indications that have significant unmet need."

However, speculation has arisen that Pfizer will need to merge with another firm in the pharmaceutical industry to see its finances recover.

Last year, the company attempted to acquire AstraZeneca, but its bid was rejected amid much media attention.