Not a good quarter for Pfizer (PFE). Second quarter revenue fell 6% to $11.1 billion. Net income was down 48% to $1.3 billion.
The loss of U.S. exclusivity for Zoloft and Norvasc hurt earnings as did Lipitor’s performance in the U.S. The company did say it thought it could still reach its financial goals for 2007 and 2008. Lipitor sales fell 13% worldwide and 25% in the US. Zoloft sales worldwide were down 82%.
The generics are tearing Pfizer up. At least for now.
Douglas A. McIntyre
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