Pfizer Inc , the largest U.S. drugmaker, reported a 38 percent fall in quarterly net income on Tuesday, largely due to an impairment charge related to the pending sale of its Hospira infusion therapy business.
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The company said its net income fell to $1.32 billion, or 21 cents per share, in the third quarter, from $2.13 billion, or 34 cents per share, a year earlier.
Pfizer agreed in October to sell the Hospira infusion therapy business to ICU Medical Inc , taking a 16.6 percent stake in the company.
Separately, Pfizer said it was abandoning the development of its cholestrol-lowering drug, bococizumab, citing an "evolving treatment landscape".
The company said the decision would reduce its adjusted 2016 earnings by 4 cents per share.
(Reporting by Natalie Grover in Bengaluru; Editing by Sriraj Kalluvila)