Lipitor slide hits Pfizer profits

Pfizer says that it will still meet its targets for 2007

The world's biggest drugs firm, Pfizer, which faces rising competition from lower cost rivals, has reported profits that missed analysts' targets.

Net income fell 48% to $1.27bn (£600m) in the three months to July, compared with $2.42bn a year earlier, it said.

Global sales of its cholesterol drug Lipitor fell 13% amid slipping demand for the flagship product.

Pfizer has also been hit by the loss of patents on its blood pressure drug Norvasc and anti-depressant Zoloft.

Pfizer admitted that it had faced a difficult second quarter, but that it was still "on track" to meet previously announced 2007 and 2008 revenue targets.