Pfizer sales way off mark as company pursues AstraZeneca

Pfizer Inc reported revenue well below Wall Street expectations on falling sales of generic medicines, underscoring its interest in pursuing a $106 billion bid for rival AstraZeneca to promote new business growth. Pfizer said on Monday it hoped its sweetened offer for AstraZeneca, which was made on Friday, would help the British drugmaker "engage with Pfizer and enter into discussions relating to a possible combination of the two companies." AstraZeneca quickly rejected the sweetened bid, saying it "substantially" undervalued the company. Pfizer said total first-quarter revenue fell 9 percent to $11.35 billion, which was $730 million below Wall Street expectations.