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Pfizer’s Third-Quarter Profit Falls Pfizer’s Third-Quarter Profit Falls

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Pfizer’s Third-Quarter Profit Falls

The drug company faces lower profits as generic drugs increase competition.

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(iStockphoto)

The largest U.S. drugmaker's profit dropped 19 percent in the third quarter, due to increased competition for generic drugs, The New York Times reports.

The company's net income fell to $2.59 billion, or 39 cents a share, from $3.21 billion, or 43 cents a share, the year before.

 

Like many drug companies, Pfizer is feeling the impact of cheaper generic versions of drugs cutting into sales, with their older drugs no longer protected by patents.

Despite the decrease, Reuters presented the earnings as better than expected, citing the sale of its oncology drugs—which jumped 24 percent to $407 million—as a bright sport in the report. 

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