(Reuters) – Pfizer Inc <PFE.N> reported a 32% fall in second-quarter profit on Tuesday due to a dip in demand for some of its drugs from the COVID-19 pandemic and from rising competition, as the company and partner began a global study into a vaccine candidate to fight the health crisis.
The U.S. drugmaker said net income fell to $3.43 billion, or 61 cents per share, in the quarter, from $5.05 billion, or 89 cents per share, a year earlier.
Sales fell to $11.80 billion from $13.26 billion.
Pfizer and German biotech BioNTech <BNTX.O> drugmaker said on Monday they would begin a pivotal global study to evaluate their lead COVID-19 vaccine candidate.
(This story corrects year-earlier net income figure to 89 cents from 91 in paragraph 2; the story was previously corrected to show that net income in the latest quarter was 61 cents, not 62)
(Reporting by Manas Mishra in Bengaluru; Editing by Sriraj Kalluvila)
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