UPDATE: Pfizer Reports Rise In Q2 Profit, Backs 2011 Forecast

Pfizer Inc PFE released its results for the second quarter on Tuesday. Pfizer's quarterly profit surged to $2.61 billion, or $0.33 per share, from $2.48 billion, or $0.31 per share, in the year-earlier period. Its adjusted profit came in at $0.60 per share. Pfizer's revenue declined to $17 billion from $17.1 billion. However, analysts were expecting earnings of $0.59 per share on revenue of $17 billion. Pfizer continues to expect adjusted 2011 profit of $2.16 to $2.26 per share, versus analysts' estimates of $2.25 per share. It still projects to repurchase between $5 billion and $7 billion of its common stock this year. Pfizer shares dropped 1.10% to $18.80 in pre-market trading.