US pharmaceutical giant Pfizer Tuesday reported a smaller drop in sales than expected as second-quarter earnings fell sharply due to a one-time gain last year. The 2013 period was boosted by a $10.6 billion gain resulting from Pfizer's spinoff of its animal care assets into Zoetis, which is now publicly traded. "Overall, I am pleased with our second-quarter 2014 financial results despite the continued negative impact from product losses of exclusivity and the termination of certain co-promotion collaborations," said Pfizer chief financial officer Frank D'Amelio. Revenues for Pfizer's business unit covering more established treatments declined five percent due to expiration of a number of major patents, including its sexual-dysfunction pill Viagra in several European markets in June 2013.
By Aleksandar Vasovic DONETSK Ukraine (Reuters) - Intense fighting between Ukrainian troops and pro-Russian rebels in eastern Ukraine killed dozens of civilians, soldiers and rebels, as Kiev pressed on with an offensive on Tuesday including near the wreckage of Malaysian flight MH17. Shells hit the centre of Donetsk, a city with a pre-war population of nearly a million people where residents fear they will be trapped on a battlefield between advancing Ukrainian troops and Russian-backed rebels who have vowed to make a stand. In Brussels, European officials met to discuss imposing the first broad-based sanctions aimed at sectors of the Russian economy, a step that would start a new phase in the biggest confrontation between Russia and the West since the Cold War. Ukrainian forces have been pushing rebel units back towards their two main urban strongholds of Donetsk and Luhansk and have sought to encircle them in several places.
CHICAGO (AP) — The NCAA has agreed to settle a class-action head injury lawsuit by creating a $70 million fund to diagnose thousands of current and former college athletes to determine if they suffered brain trauma playing football, hockey, soccer and other contact sports, The Associated Press has learned.