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Pfizer (PFE Quote) reported a better-than-expected quarterly profit on Tuesday, but the drugmaker lowered the upper end of its earnings guidance for the year as it continues to work on its cost-cutting initiatives.
The New York-based company said it earned $2.28 billion, or 34 cents a share, in the third quarter, up from $761 million, or 11 cents a share, in the year-ago quarter. The prior year includes a charge of $2.1 billion related to Pfizer's decision to drop the inhaled insulin product Exubera.
The recent quarter had a $640 million charge for costs to resolve litigation surrounding its pain drugs . ...
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