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Pfizer lowers forecast amid sales decline

Rival generics have cut into sales of two-thirds of Pfizer’s drugs. Lipitor sales, for example, are down 55 percent to $626 million.
Associated Press/File 2012
Rival generics have cut into sales of two-thirds of Pfizer’s drugs. Lipitor sales, for example, are down 55 percent to $626 million.
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Pfizer Inc.’s quarterly net income rose 53 percent $2.75 billion, despite falling sales, mainly because the second-largest drug maker took big charges a year ago. The results fell short of expectations, and Pfizer cut its forecasts, blaming currency exchange rates. Overall, revenue was $13.5 billion, down 9 percent from a year earlier. The yearly profit forecast excluding one-time items was cut 6 cents to $2.14 to $2.24 per share.