Pfizer disappoints as revenue tumbles 9% to $11.35bn

Pfizer has reported quarterly revenue well below Wall Street expectations on falling sales of generic medicines, underscoring its interest in pursuing a $106bn (€76bn) bid for rival AstraZeneca to promote new business growth.

Pfizer said yesterday it hoped its sweetened offer for AstraZeneca, which was made on Friday, would help the British drugmaker “engage with Pfizer and enter into discussions relating to a possible combination of the two companies.”

AstraZeneca quickly rejected the sweetened bid, saying it “substantially” undervalued the company.