DRUGMAKER Pfizer has beaten Wall Street expectations with higher profit and revenue in the third quarter, the last before generic competition starts wiping out sales of Lipitor, the cholesterol blockbuster that has buoyed the company for years.

ELAN said yesterday it had raised $70 million through more asset sales.

FRAIL former pharmaceutical high-flyer Elan reported losses of 130 million in the first four months of the year, as it strives to manage its debilitating $3.1 billion debt mountain, of which $1.3bn falls due this year.

A US company today backed out of a €785m deal to buy the primary care business unit and two brand-name drugs from the Elan Corporation.