By Ransdell Pierson and Bill Berkrot NEW YORK (Reuters) - Pfizer Inc reported quarterly revenue well below Wall Street expectations on falling sales of key brands and generic drugs, underscoring its interest in pursuing a $106 billion bid for rival AstraZeneca to promote new business growth. Pfizer said on Monday it raised its bid last week in response to what it had heard from AstraZeneca shareholders and believed it to be a "compelling" offer. AstraZeneca quickly rejected the sweetened bid, saying it "substantially" undervalued the company, and on Monday it declined to comment on Pfizer's substantial revenue shortfall in the first quarter. "We are very disappointed with their unwillingness to engage in conversations," Pfizer Chief Executive Officer Ian Read said of AstraZeneca's management.
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