Generic rivals cause a slash in Pfizer drug sales

CRASHING SALES: Several Pfizer drugs are being affected by competition from generics resulting in their slashed sales, and the top-seller, cholesterol fighter Lipitor is expected to be hit in five months. Total sales for the second-quarter fell 1% to $16.98 billion.

THE CRUX: Lower taxes and cheap restructuring charges resulting from the purchase of Wyeth by Pfizer in 2009, catapulted Pfizer’s profit by 5% to $2.61 billion.

ON THE BRIGHT SIDE: Animal health business saw a sales increase of 18%, which will be rewarded to shareholders by Pfizer. Furthermore, per share earnings as well as revenue forecasts for 2011 and 2012 have been maintained by the company.

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