Pfizer’s Third-Quarter Profit Falls

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

Prescription Medicine
National Journal
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Sophie Novack
Oct. 30, 2013, 3:17 a.m.

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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