Pfizer Needs Something New for Its Profit Pain
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Pfizer has a whole cabinet full of drugs, but none can do much to dull the pain caused by generics. Lipitor and Celebrex certainly aren’t doing the trick, and even Viagra can’t stand up to cheap knock-offs stealing Pfizer’s sales.
Revenue at the pharmaceutical giant declined 9 percent, to $11.4 billion, in the first quarter. Profit proved sicklier, dropping 15 percent, to $2.3 billion. Analysts had expected better. Here’s a look at how Pfizer’s top 10 drug families did in the period: