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Lipitor losses affect Pfizer's Q2 sales

Pfizer has reported a minor decrease in revenue in its financial results for the second quarter of 2011 with the pharmaceutical firm feeling the first effects of generic competition for cholesterol-lowering drug Lipitor

Pfizer has reported a minor decrease in revenue in its financial report for the second quarter of 2011 with the pharmaceutical firm feeling the first effects of generic competition for top-selling cholesterol- lowering drug Lipitor.

The company had revenue of $16.98bn for the quarter, compared to $17.13bn for the same period in 2010.

Sales were aided by the purchase of King Pharmaceuticals, with Pfizer gaining an extra $357m in sales.

However, this increase was offset by the loss of patent exclusivity for the world's best-selling drug, Lipitor, in markets including Canada, Spain, Brazil and Mexico. Sales for the product decreased from $2.81bn to $2.59bn.

Sales are expected to be hit further next year as the market is opened to generic competition in more regions, including the US and the EU.

Pfizer's net profit for the period remained robust, increasing 5 per cent to $2.61bn.

This was due in part to lower acquisition costs related to Pfizer's purchase of Wyeth, as well as a more favourable tax rate.

2nd August 2011

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