Pfizer’s profit down 19% as sales hit by generic competition

Pfizer has reported first-quarter profit fell 19% after revenue from cholesterol pill Lipitor declined because of generic competition.

The company trimmed its 2012 forecast after the sale of a unit.

Net profit dropped to $1.79bn (€1.35bn), or 24 cents (18c) a share, from a year earlier, Pfizer said yesterday. Earnings excluding one-time items beat by 2c the 56c average of 19 analysts estimates compiled by Bloomberg.