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news.Pfizer has reported a 48% slump in second-quarter net income to $1.27 billion. The world's largest drug maker attributed the decrease to generic competition and falling sales of its Lipitor cholesterol product.
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Lipitor’s global revenue fell by 13% to $2.7 billion due to lower US demand and changes in wholesaler inventories, according to Pfizer. Compared with 2006, the company expects annual revenue to range from flat to a 5% decline.
CEO Jeffrey Kindler has cut jobs and shut factories to offset the sales decline.
The company has also been hit by reduced demand for its Norvasc blood-pressure pill and Zoloft anti-depressant because of cheaper generic rivals and a loss of patent protection.
Despite the setbacks, Kindler commented the company was “still on track to meet our previously announced 2007 and 2008 revenue and adjusted diluted earnings per share goals.”