The world's biggest drugmaker slashed costs on everything from manufacturing and marketing to research and development to produce a profit of $2.88 billion. That was up 26 percent from last year, when the company had a huge legal charge over promotion of its painkillers.

Pfizer will keep cutting costs, now that it has completed the biggest drug industry deal of the year. The $68 billion acquisition of Wyeth cements Pfizer's position atop the industry, and the combined company is expected to eliminate nearly 20,000 jobs by the time integration is complete.

Pfizer had sales of $11.62 billion in the quarter, down 3 percent from a year ago.

A service of YellowBrix, Inc.