Pfizer Inc reported disappointing sales on Tuesday, hurt by generic competition for its Lipitor cholesterol fighter and Effexor XR depression drug as well as weak revenue in emerging markets. The last of the large US drugmakers to report third-quarter earnings, Pfizer followed the example of most rivals with higher-than-expected profits - largely from cost cuts - but disappointing sales as it faces patent expirations on some of its top-selling products.
The world's largest drugmaker, whose shares fell more than 1 percent, said global sales of Lipitor dropped 11 percent to $2.53 billion in the quarter. The arrival in recent months of Lipitor generics in Canada and Spain hurt the world's top-selling medicine. The bigger threat to Pfizer comes in November 2011, when Lipitor loses US marketing exclusivity. Pfizer bought Wyeth last year for $67 billion, aiming to replace vanishing Lipitor revenue with the US rival's brands.
Effexor XR, a Wyeth anti-depressant that once had annual sales of $3 billion, was battered by cheaper US generic versions launched over the summer. Sales of the pill plunged to $175 million in the third quarter. The company's earnings fell to $866 million, or 11 cents per share, from $2.88 billion, or 43 cents, a year earlier.