The third quarter
was good to Pfizer Inc. (NYSE:PFE), despite disappointing sales of cholesterol drug Lipitor, which fell 9% worldwide and 12% in the U.S. due to stiff competition from generic rivals. The company beat analysts' expectations, as profits rose 26%. Earnings per share were 51 cents, 3 cents
higher than expected. Revenue dropped 3% but still beat analysts expectations by $200 million, coming in at $11.6 billion.
CEO Jeffrey Kindler said that he is expecting to lay off 19,000 workers as the company envelops Wyeth, which it officially acquired less than a week ago. The drugmaker has already
eliminated more than 5,400 positions this year,
according to Bloomberg. Since acquiring
Wyeth, Pfizer said it will close three Wyeth sites in
Pennsylvania and one in New Jersey.
Pfizer updated its full-year forecast to include Wyeth sales and operations. The company now expects revenue of $49 billion to $50 billion and adjusted earnings of $2.00 to $2.05 per share, up from $1.30 to $1.45 per share prior to the acquisition of Wyeth. -
Sara Behunek
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