US pharmaceutical giant Pfizer has reported that its second-quarter profits fell 19% from a year earlier to $2.26 billion as it lost exclusivity for some of its leading drugs. The earnings amounted to 48 cents a share, just ahead of Wall Street estimates.
Revenue fell 9% to $10.98 billion, hurt in part by a stronger US dollar, said Pfizer. Pfizer, which employs more than 2,000 people in Ireland, makes the blockbuster cholesterol treatment Lipitor and erectile dysfunction treatment Viagra.
Chief executive Jeff Kindler said the company was focused on its pending acquisition of rival Wyeth.
Pfizer said its results were affected by the loss of US exclusivity for its allergy treatment Zyrtec in January 2008, allowing generic drug makers to offer alternatives.
Pfizer also lost US exclusivity for cancer treatment Camptosar in February 2008 and in Japan for high blood pressure drug Norvasc in July 2008.
The company also reported revenue declines for Lipitor, as a result of continued intense competition, and for Chantix/Champix, a drug to help quit smoking.
