MONEYWATCH
Generic Lipitor hurts Pfizer profits
May 01, 2012
May 01, 2012
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(AP) NEW YORK - Pfizer Inc. (PFE) said Tuesday that its first-quarter profit fell 19 percent, mainly because new generic competition to its blockbuster cholesterol pill Lipitor cut U.S. sales by 15 percent as the drugmaker offered big rebates and discounts to keep patients on its brand.
The world's biggest drugmaker beat Wall Street's profit expectations but narrowly missed its sales forecast. It lowered its adjusted profit forecast for 2012 by 6 cents, to $2.14 to $2.24 per share. Analysts had predicted $2.26 per share. Including one-time items, it expects earnings per share of $1.23 to $1.38.
Pfizer said the
The world's biggest drugmaker beat Wall Street's profit expectations but narrowly missed its sales forecast. It lowered its adjusted profit forecast for 2012 by 6 cents, to $2.14 to $2.24 per share. Analysts had predicted $2.26 per share. Including one-time items, it expects earnings per share of $1.23 to $1.38.
Pfizer said the
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