[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Last Updated: Wednesday, 18 July 2007, 14:29 GMT 15:29 UK
Lipitor slide hits Pfizer profits
Pfizer office
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.




SEE ALSO
Pfizer 'to axe thousands of jobs'
19 Jan 07 |  Business
Pfizer to cut 2,200 US sales jobs
29 Nov 06 |  Business
Expiring patents hit Pfizer sales
20 Jul 06 |  Business
J&J buys up Pfizer unit for $16bn
26 Jun 06 |  Business
Pfizer wins Chinese Viagra ruling
05 Jun 06 |  Business

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites



FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

PRODUCTS & SERVICES

Americas Africa Europe Middle East South Asia Asia Pacific