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Pfizer performs profit u-turn in second quarter

This article was originally published in Scrip

Executive Summary

Pfizerhas managed to stop its profit decline and has posted a net income of $2.78 billion, up by 119% on the second quarter last year. The company attributed the positive performance to lower restructuring costs, which saved it $438 million compared with the same period last year; the positive impact of foreign exchange rates, which increased revenues by 7% or $800 million; and favourable income tax adjustments.

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