Pfizer Sinks on Lipitor Shortfall

Pfizer sank in early trading after the drugmaker said U.S. sales of cholesterol buster Lipitor dropped 25% from a year ago in the second quarter.

The New York-based company made $1.27 billion, or 18 cents a share, for the quarter ended June 30, down from the year-ago $2.42 billion, or 33 cents a share. On an adjusted basis, excluding certain costs, earnings fell to 42 cents a share from 50 cents a year earlier. Revenue dropped 6% from a year ago to $11.08 billion.

Analysts surveyed by Thomson Financial were looking for a 50-cent profit on revenue of $11.4 billion.

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- Posted: 2007-07-18 09:57:33

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