Cost-cutting drives Pfizer profit

Research and development is one area where Pfizer has cut spending

Cost-cutting at drug maker Pfizer has helped it to increase profits despite falling sales of its medicines.

Trimming jobs helped the firm report a third-quarter net profit of $2.9bn (£1.8bn), up 26% from a year earlier, despite sales sliding 3% to $11.6bn.

The results did not include income from Wyeth which it bought in January.

Pfizer, whose brands include Viagra and cholesterol fighter Lipitor, said it had cut costs throughout the business including marketing and research.

Sales fell in all of the firm's businesses - with the worst hit being taken by products facing competition from cheaper generics.

In September, the firm agreed to pay $2.3bn in the largest healthcare fraud settlement in the history of the US Department of Justice.

It came after the firm was found to have illegally promoted four drugs for uses which had not been approved by medical regulators.

A subsidiary of the firm pleaded guilty to misbranding drugs "with the intent to defraud or mislead".