Pfizer tops estimates, but challenges remain

Pfizer Inc. (PFE) reported second-quarter financial results this morning. The world's largest drugmaker's profit tumbled 19 percent, although it slightly exceeded analysts' estimates. Revenue was largely impacted by unfavorable foreign exchange. The company also said it has achieved "significant milestones" regarding the pending Wyeth acquisition.

Pfizer earned $2.26 billion, or 34 cents per share, compared with $2.78 billion, or 41 cents per share, in the year-earlier period. Adjusted earnings per share were 48 cents, compared to 55 cents per share in the same period last year. Earnings per share beat consensus forecast by a penny, according to Reuters Estimates.