Summary Box: Pfizer sales slump on generic rivals

AP News
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Posted: Aug 02, 2011 3:16 PM
Summary Box: Pfizer sales slump on generic rivals

SLUMPING SALES: Generic competition is slashing sales of several Pfizer drugs, and will hit its top-seller, cholesterol fighter Lipitor, in the U.S. in five months. Total second-quarter sales fell 1 percent to $16.98 billion.

BOTTOM LINE: Pfizer Inc. posted a $2.61 billion profit, up 5 percent, due to lower taxes and reduced restructuring charges from its 2009 purchase of Wyeth.

BRIGHT SPOTS: Sales rose 18 percent for the animal health business, which Pfizer will sell or spin off to reward shareholders. And the company maintained its earnings per share and revenue forecasts for 2011 and 2012.