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Acquisition costs push Pfizer into red

Pharmaceuticals giant Pfizer, the maker of Viagra, has reported a $3.6 billion net loss as a result of charges linked to its acquisition of Pharmacia, but its operating profits were ahead of forecasts.

The second quarter profits, excluding the acquisition costs, amounted to $2.37 billion or 30 cents a share, just ahead of Wall Street forecasts.

Revenues grew 37% from the same period a year ago to $9.99 billion.