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Pfizer Posts Solid Quarter
Pfizer(PFE Quote) reported Tuesday that third-quarter operating profits rose 12%, bolstered by strong drug sales.
The world's largest drug company, which is in the midst of acquiring Pharmacia(PHA Quote), is an exception to what is expected to be a rather dismal earnings season for Big Pharma. Pfizer is the only drug company expected to post double-digit earnings growth in the third quarter.
Looking ahead, Pfizer forecast fourth-quarter and 2002 earnings growth of 38% and 21%, respectively, and said its expects the Pharmacia merger to close by year's end. ...
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