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Major cost cutting helps boost Pfizer’s (NYSE:PFE) Q2 earnings by 25 percent despite revenues falling 9 percent as a result of Lipitor going off-patent. The company proposes to offload 20 percent of its animal health business, to be dubbed Zoetis, ina mid-August IPO.
Shares of Dendreon (NASDAQ:DNDN) tank due to a Q2 earnings miss; the company plans to cut costs by approximately $150 million and reduce more than 600 full time workers in a restructuring over the next year.
Deutsche Bank (NYSE:DB) reports net earnings of 661 million euros in Q2 on revenues of 8 billion euros. Segment-wise highlights: the asset and wealth management arm reports pretax earnings 35 million euros, down from 227 million euros last year; the corporate banking and securities arm reports a pre-tax of 357 million euros compared to 969 million euros last year.
Honda (NYSE:HMC) reported good results for its June quarter as net income more than quadrupled to 131.7 billion yen ($1.68 billion) on net sales which were up 42 percent to 2.44 trillion yen. The company boosts its dividend 4 yen to 19 yen.
BP (NYSE:BP) reports a $1.38 billion loss for its second quarter as it accounts for a fall in the valuations of a few key assets, recording a replacement cost profit of $238 million compared to $5.4 billion last year. The company looks forward to better earnings in 2013.
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