Pfizer beats estimates but share price slips

US pharma giant Pfizer (NYSE: PFE) beat earnings expectations with its 2nd-qtr 2016 financial results, but markets responded negatively as its share price dropped by more than 2% to $36.41 in Tuesday morning’s trading.

The company’s sales for the quarter totalled $13.15 billion, which is 11% higher than in the same period of 2015, though its reported net income was 23% down on a year ago, at $2.02 billion.

Pfizer beat the predictions of Wall Street analyst. Its adjusted earnings amounted to $0.64 per share, two cents better than analysts estimated, and sales exceeded expectations by $150 million.