Increase in Drug Sales Boosts Pfizer Profit

Pfizer Inc. said surging sales of key drugs boosted first-quarter profit 22%, but its shares skidded on a warning that higher costs would hold second-quarter earnings well below Wall Street forecasts.

The world’s largest drug maker now sees second-quarter earnings growth slowing to the single-digit range because of higher taxes, marketing and research costs.

Pfizer shares fell $2.05, or 5.1%, to $37.85 on the NYSE.

The company’s net income jumped to $2.36 billion, or 37 cents a share. Excluding an accounting change and gains on the sale of assets, earnings rose 14% to $2.43 billion, or 39 cents a share, in line with expectations.