Pfizer Inc. reported that its third-quarter profit dropped 19 percent as generic competition continued to cut sales, while lower operational expenses failed to offset higher taxes and one-time charges.
The company said net income was $2.59 billion, or 39 cents per share, down from $3.21 billion, or 43 cents per share, a year earlier.
Excluding one-time items, the drug maker said net income would have been $3.86 billion, or 58 cents per share. Analysts had expected 56 cents per share.
Revenue totaled $12.64 billion, down 2 percent from $12.95 billion a year ago. Analysts had expected $12.69 billion.
Pfizer raised the lower end of its 2013 profit forecast by a nickel and now expects $2.15 to $2.20 per share.
Pfizer Inc. (PFE) is up +22.57% year-to-date.