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Pfizer profits decline

New York - The effect of expiring patents pushed Pfizer earnings lower on Monday, as the pharmaceutical giant reiterated its interest in acquiring British company AstraZeneca.

Earnings for the first quarter fell 15.3% to $2.3bn as a number of high-profile patent expirations hit sales.

Pfizer said it hoped its increased bid for AstraZeneca "will provide the basis for AstraZeneca to engage with Pfizer and enter into discussions relating to a possible combination of the two companies."

AstraZeneca Friday rejected Pfizer's $106bn takeover, saying the terms of the offer, up from a previous bid of $99bn, "substantially undervalue AstraZeneca and are not a basis on which to engage with Pfizer."

Options for Pfizer in its pursuit of AstraZeneca include raising the bid again, undertaking a hostile takeover campaign aimed at shareholders or dropping the idea.

Pfizer's earnings translated to $2.3bn on $11.4bn in revenues, down from $2.8bn on $12.4bn on revenues.

The results translated into 57 cents per share, 2c better than expectations. Revenues lagged analyst forecasts for $12.1bn.

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