Pfizer’s revenue declines as it faces more biosimilar competition

Pfizer saw its earnings rise and revenue fall in the second quarter thanks to increased biosimilar competition and the divestiture of Hospira Infusion Systems, the company announced Tuesday. The New York-based company reported earnings of $3.07 billion, or 51 cents per share, up from $2.05 billion, or 33 cents per share, a year earlier. Revenues fell to $12.9 billion on the quarter from $13.15 billion last year, but excluding the impact of the Hospira Infusion Systems divestiture, the company says revenue rose 2%. Pfizer’s innovative health business increased by 9% in the second quarter, driven by continued sales growth for its rheumatoid arthritis drug Xeljanz and fibromyalgia treatment Lyrica in the U.S. and breast cancer drug Ibrance and blood clot treatment Eliquis globally. But the