Pfizer ( PFE) Wednesday posted strong second-quarter profit, as drug revenue jumped 24%, despite another quarterly sales decline for its erectile dysfunction drug Viagra.

The company had net income of $2.86 billion, or 38 cents a share, on revenue of $12.27 billion, vs. a loss of $3.59 billion, or 48 cents a share, on revenue of $9.9 billion a year ago. The year-ago quarter reflected the costs of its $56 billion acquisition of rival Pharmacia..

Excluding items, Pfizer's adjusted income grew 54% to $3.61 billion, or 47 cents a share. That compares with $2.34 billion, or 30 cents a share, in the year-ago period.

The consensus estimate of analysts was for net income of $3.5 billion, or 46 cents a share, on revenue of $12.29 billion for the second quarter, according to Thomson First Call.

The world's No. 1 drugmaker last week lowered its full-year revenue forecast to $52.5 billion to $53 billion -- vs. its April guidance of about $54 billion -- but held to its EPS outlook of $2.13. In April, Pfizer forecast net earnings of $16.3 billion.

For the year, analysts expect New York-based Pfizer to post net income of $15.92 billion, or $2.12 a share, on revenue of $52.86 billion.

"While a more-challenging business environment, marked by new competition and the effects of less-favorable foreign-exchange rates than we anticipated, led us to revise our full-year 2004 revenue expectations, "the company said in a statement. "Our current and future product portfolio offerings remain robust."

Pharmaceutical operations generated revenue of $10.7 billion, up 24% in the second quarter. Worldwide sales of its cholesterol drug Lipitor rose 17% to $2.36 billion. Sales of its Viagra fell 7% to $389 million.

The company said its late-stage drug pipeline is on track to deliver 20 major new drug applications in the five-year period ending in 2006, seven of which have already been filed.

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