Pfizer’s third-quarter profit dropped 19 percent as competition from generic drugs continued to cut sales, while lower operating expenses failed to offset higher taxes and charges.
Like many other drugmakers, Pfizer is suffering as cheaper generic versions erode sales of older drugs, no longer protected by patents, that once brought in billions annually. Those are led by cholesterol fighter Lipitor, which lost patent protection at the end of 2011 after reigning as the world’s top-selling drug for nearly a decade.
