Pfizer remains keen to acquire AstraZeneca but has hinted at a hostile takeover campaign if the British company continues to rebuff its offer.
Pfizer chief executive Ian Read said he remains convinced the deal will benefit Pfizer and AstraZeneca, both of which have suffered significant patent expirations in recent years.
"We are very disappointed with their unwillingness to engage in conversations and believe it is in the best interest of both companies and AstraZeneca and Pfizer shareholders that we pursue a friendly negotiated transaction that can be recommended by both our boards," Read told analysts on Monday.
Asked when Pfizer would consider going directly to shareholders, Read said, "we remain considering all our options on how we progress these discussions".
On Friday Pfizer boosted its offer price by 7.3 per cent to STG50 ($A91) a share, taking the deal to a value of $US106 billion ($A115 billion), but AstraZeneca quickly rejected the offer, calling it "inadequate".
Read's remarks came as Pfizer reported a 15.3 per cent dip in first-quarter profits to $US2.3 billion, a result that translated into 57 cents per share, two cents better than expectations.
Revenues for the largest US pharmaceutical company by assets fell to $US11.4 billion from $US12.4 billion, well below analyst forecasts of $US12.1 billion.
The results were the latest to show the effects of expiring patents, which have hit sales of blockbuster drugs like Viagra, the sexual-dysfunction drug, and anti-cholesterol treatment Lipitor.
The report "reflects weakening of many core, mature franchises", said a note from BMO Capital Markets.
Although the company reported progress on some new drugs in development, this news "did not translate to clear-cut commercial value", BMO said.
Shares in Dow member Pfizer were down 2.51 per cent at $US29.99 in early-afternoon trade.
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