Pfizer Inc. (NYSE:PFE) plans for major restructuring operations


Dallas, Texas 08/01/2013 (Financialstrend) – Accounting procedures related to the major restructuring operations planned by Pfizer Inc. (NYSE:PFE) had proved to be effective to boost up the company from its worse expected results for the second quarter of this fiscal year. The largest drug maker in the United States had managed to beat the expectations of the analysts at the marginal level by reporting an adjusted income at $4 billion or 56 cents per basic and diluted share, while the analyst expectations were at an income of 55 cents per share for the company.

It was observed that the adjusted income had declined by 10% over the same quarter of previous year when it was reported at $4.45 billion or at 59 cents per share of the company. Further the revenue generation for this quarter had also declined by 7% to the level of $12.97 billion, over the previous year and the analyst expectations were at $13.01 billion. It was expected that the continued decline in sales of the company’s cholesterol lowering drug, Lipitor owing to the removal of patent protection would present heavy decline in revenues to the drug maker for this quarter.

Pfizer Inc. (NYSE:PFE) had presented loss of 0.68% with the trading on Wednesday and had thereby closed at $29.23 per share. While the stock opened at $29.44 per share, there had been fluctuations in the intraday prices ranging between $29.21 and $29.76 per share during the day. The 52 week low price for the stock is presently at $23.55 and 52 week high price is at $31.15 per share. There are a total 7.09 billion shares in the market valuing to a market cap of $207.33 billion. The stock witnessed around 31.31 million shares being exchanged hands on Wednesday while the average level of trading is at 67.91 million shares a day.