Cut

Summary Box: Charges, generics cut Pfizer 1Q net

AP News
|
Posted: May 01, 2012 5:37 PM
Summary Box: Charges, generics cut Pfizer 1Q net

PROFIT PLUNGE: Drugmaker Pfizer's first-quarter net income fell 19 percent to $1.79 billion, or 24 cents per share, mainly due to new generic competition and $2.6 billion in legal, restructuring and other charges.

LIPITOR LOWER: In the first full quarter since blockbuster cholesterol pill Lipitor lost U.S. patent protection, its sales fell 71 percent in the U.S. and 42 percent worldwide, to $1.4 billion. But big discounts to insurers and patients helped retain a third of the market, far more than usual.

WHAT'S NEXT: Pfizer has two potential blockbusters awaiting approval.