Pfizer's 2nd-qtr net income leaps 25% despite Lipitor generics

US drugs behemoth Pfizer (NYSE: PFE) reported second quarter 2012 financial results, showing that revenue declined 9% to $15.1 billion, impacted by generic competition for its all-time blockbuster cholesterol lowerer Lipitor (atorvastatin), sales of which plunged 53% to $1.22 billion. Notwithstanding, group sales topped Wall Street expectations of $14.87 billion.

Pfizer, whose shares rose 3% by midday and closed up 1.4% at $24.04 on Tuesday, said that net income rose 25% to $3.25 billion, or $0.43 per share, in the second quarter, helped by a 17% reduction of overhead costs and a 24% fall in R&D spending. Excluding special items, Pfizer earned $0.62 per share, compared with analysts’ average expectations of $0.54, according to Thomson Reuters. The company reiterated its 2012 adjusted earnings forecast of $2.14 to $2.24 a share, despite expected negative currency impact, and revenue of $58 billion to $60 billion.