Pfizer (PFE), a leading global drug maker, has recorded 79.34 percent plunge in profit for the quarter ended Jun. 30, 2014. The company earned $2,912 million or $0.45 a share in the second-quarter compared with $14,095 million or $1.98 a share a year ago. Adjusted earnings per share came in at $0.58, when analysts expected $0.57.
Revenue during the second-quarter went down marginally 1.54 percent to $12,773 million from $12,973 million in the last year period.
Gross margin contracted by 199 basis points over the previous year period to 80.72 percent. Total expenses as a percentage of revenues increased to 68.66 percent from 58.71 percent in the same period last year. That has resulted in contraction of 995 basis points in operating margins to 31.34 percent.
The company disclosed operating income of $4,003 million, compared with $5,357 million in the last year period.
Ian Read, chairman and CEO, stated, "I am pleased with our operating performance to date. Our recently launched products continued to gain traction during the quarter while our mid- and late-stage pipeline continued to progress with a regulatory submission in the U.S. completed for our meningitis B vaccine candidate and our palbociclib regulatory submission in the U.S. underway."
Shares of the company gained 14 cents or 0.47 percent to trade at $30.24 on Tuesday.