Pfizer revenues down as patent losses hit sales

Global pharma giant Pfizer (NYSE: PFE) has said worldwide sales fell 2% to $12.6 billion, hurt by generic competition, in the third quarter of 2013. The company’s shares edged up 0.4% to $30.87 in morning trading.

Reported revenues decreased $310 million, or 2%, which the company said reflects an operational decline of $38 million and the unfavorable impact of foreign exchange of $272 million. The decrease was primarily the result of the continued erosion for blockbuster cholesterol drug Lipitor (atorvastatin), which lost patent protection in 2011, in the USA, developed Europe and other markets which saw it drop 49% from $3,364 million in the first nine months of 2012 to $1,704 million in the first nine months of 2013.

Earnings per share (EPS)