NEW YORK: Pfizer reported increased first-quarter profits Tuesday on slightly higher sales, but results were dented somewhat by a US patent expiration on blockbuster drug Viagra.
Net income came in at $3.6 billion, up 14.1 percent.
Revenues rose 1.0 percent to $12.9 billion.
Chief executive Ian Read cited continued strength in several key products, including breast cancer drug Ibrance, which had global sales of $933 million and blood thinner Eliquis.
Read called Pfizer's quarterly results "solid" and said the company's pipeline of new drugs is "as deep and focused as it has ever been."
Developing new products is essential to offset the hit when patents expire and major products face competition from cheaper generics.
Pfizer's best-selling erectile dysfunction drug Viagra lost its US patent exclusivity in the United States during the quarter, resulting in a 44.8 percent decline in revenues for that product to $187 million.
Pfizer's earnings per share topped analyst expectations, but revenues were a bit under estimates. Pfizer reaffirmed its full-year profit forecast.
Shares of Pfizer dipped 0.9 percent to $36.30.
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