Pfizer Earnings Fall 70%
November 2nd, 2010
The Wall Street Journal
By: Thomas Gryta
Pfizer Inc.’s third-quarter profit dropped 70%, weighed by merger-related and asbestos charges. Revenue jumped 39% because of last year’s $68 billion purchase of Wyeth and despite a double-digit percentage drop in Lipitor sales.
Pfizer, the world’s largest drug maker by sales, acquired Wyeth a year ago to help cut costs, beef up its research pipeline and diversify its operations as it faces the loss of exclusivity for cholesterol drug Lipitor and other products. Pfizer has had several setbacks in trying to come out with new drugs to offset the lost revenue.
“Since the Wyeth deal, we are reporting solid operating …