Wednesday, 18 July 2007, 14:29 GMT 15:29 UK
Lipitor slide hits Pfizer profits
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.
E-mail this to a friend
Related to this story:
Pfizer moves research lab to US
(21 Jun 07 |
Kent
)
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
Pfizer
The BBC is not responsible for the content of external internet sites
News Front Page
|
Africa
|
Americas
|
Asia-Pacific
|
Europe
|
Middle East
|
South Asia
|
UK
|
Business
|
Health
|
Science & Environment
|
Technology
|
Entertainment
|
Also in the news
|
Have Your Say
|
Business Contents:
Your Money
|
Economy
Companies
NewsWatch | Notes | Contact us | About BBC News | Profiles | History
~RS~q~RS~~RS~z~RS~54~RS~)