Summary Box: Pfizer beats 3Q profit, sales views

AP News
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Posted: Nov 01, 2011 2:48 PM
Summary Box: Pfizer beats 3Q profit, sales views

PFIZER RESULTS: Drugmaker Pfizer's third-quarter net income of $3.74 billion and revenue of $17.2 billion beat expectations, but revenue growth all came from an acquisition and favorable exchange rates.

THE LIPITOR FACTOR: Cholesterol fighter Lipitor, the best-selling drug ever, gets generic competition in the U.S. on Nov. 30 and in multiple European countries next summer. That will slash its nearly $11 billion in annual sales very quickly.

THE FUTURE: Pfizer continues to cut costs, as revenue will decline by about $3 billion next year, despite the expected launches of six new products.