Pfizer has reported a dip in quarterly profits from a year ago as restructuring costs helped lower its net profits 17.5% below last year's level.
The world's largest pharmaceutical company, which is planning to sell two of its plants in Cork, reported a profit of $3.39 billion for the first quarter of 2007.
Revenues increased 6.2% to $12.47 billion, as Pfizer boosted sales of its cholesterol treatment Lipitor and the anti-inflammatory Celebrex, as well as new drugs for cancer, severe pain and epilepsy.
Pfizer earlier this year announced 10,000 job cuts, as part of a cost-cutting drive designed to restore innovation.
In February, Pfizer said it is to sell two of its manufacturing units in Cork, and will make 65 workers in Ringaskiddy redundant by the end of the year.
The group wants to sell off part of its plant at Loughbeg, which employs 300 people, and part of its Little Island plant, where 180 people are employed.
