Pfizer sees generic competition

Investor's Business Daily

The drug giant posted a 15% decline in adjusted earnings to 53 cents per share, meeting views, as its cholesterol drug Lipitor faced increasing generic competition. Pfizer's (PFE) revenue fell 16% to $13.98 bil, missing. Lipitor sales, which lost patent protection, tumbled 87% in the U.S. and 71% worldwide, to $749 mil. But Pfizer raised '12 profit forecast, implying Q4 EPS of 41-44 cents vs. views for 49 cents. Shares fell 1.3% to 24.55.

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