The US pharmaceutical giant Pfizer on Wednesday said its earnings for the first quarter had declined from last year but beat analysts' expectations.
The company's earnings came in at $3.12 billion, or $0.55 per share.
This compares with $5.54 billion, or $0.97 per share, in last year's first quarter.
Excluding items, Pfizer reported adjusted earnings of $4.67 billion or $0.82 per share for the period.
Analysts on average had expected the company to earn $0.52 per share, according to figures compiled by Thomson Reuters. Their estimates typically exclude special items.
The company's revenue for the quarter fell 19.5% to $14.88 billion from $18.49 billion last year.