Pfizer earnings fall 10% on lower revenue, foreign exchange losses

Pharmaceutical giant Pfizer said Tuesday its second quarter net income fell 10% to $2.6 billion as foreign exchange losses and the expiration of exclusivity on some drugs contributed to falling revenue.

After adjusting for these and other items, Pfizer reported 56 cents of earnings per share vs. 51 cents estimated by analysts.

Revenue fell 7% to $11.9 billion. "Excluding the impact of foreign exchange," revenue grew by 1%, said CFO Frank D’Amelio.

Due to "strong performance to date and improved business outlook," Pfizer said it's raising its 2015 revenue outlook to a range of $45 billion to $46 billion, up from its previous range $44 billion to $46 billion.

Per-share earnings guidance was also raised to a range of $1.38 to $1.47 from $1.32 to $1.47.

"Our second-quarter and year-to-date financial performance is the result of continued business momentum," said Pfizer CEO Ian Read in a statement.

During the quarter, the New York-based company lost its exclusivity to Celebrex and Zyvox in the U.S. and Lyrica in some Europe countries.