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Oct 20, 2009, 12:04 GMT

Pfizer reports 26 per cent earnings gains in third quarter

New York - Pharmaceuticals giant Pfizer reported Tuesday a 26 per cent gain in its third-quarter surplus thanks to cost-cutting, with the company raising its full-year earnings target. Pfizer said its surplus came to 2.9 billion dollars, up 26 per cent year-on-year despite a 3 per cent slippage in sales, to 11.6 billion dollars. The world's largest pharmaceuticals concern cited lower costs after job cuts as a factor which chiefly accounted for the earnings improvement. For the full year 2009, Pfizer now seess sales reaching 49 to 50 billion dollars, up from the company's previous projection of 45 to 46 billion dollars. It also said it expected full-year profit to reach 1.45-1.50 dollars per share, from the previous target of 1.3-1.45 dollars.

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