News Summary: Generic Lipitor cuts Pfizer's profit

The Associated Press

LIPITOR EFFECT: Drugmaker Pfizer's third-quarter profit falls 14 percent as sales plunge amid increased generic competition to cholesterol fighter Lipitor, long the world's top-selling drug. Its sales dove 71 percent to $749 million.

THE RESULTS: Net income was $3.21 billion, or 43 cents per share. Adjusted profit per share was 53 cents per share, a penny less than expected. Revenue fell 16 percent to $13.98 billion, below expectations for $14.66 billion.

THE FUTURE: Pfizer raised its 2012 profit forecast to $1.30 to $1.38 per share, from $1.21 to $1.36, and says drugs awaiting approval could be big sellers.