Pfizer Inc. is lowering the price of Viagra in Canada to compete with generic versions of the erectile dysfunction drug.
The New York drugmaker's Canadian operation said Thursday that it is announcing the price cut across the country with newspaper and online ads.
Pfizer, the world's biggest drugmaker by revenue, has been hit hard by generic competition in the past year. It lost U.S. patent protection for the cholesterol fighter Lipitor about a year ago. Several companies now make generic versions of that drug, which has long been the world's top seller.
Viagra generated $517 million in sales during the recently completed third quarter and has become one of Pfizer's top-selling drugs. Generic versions of Viagra are not expected to reach the U.S. market until late 2019.
