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Pfizer 3Q net falls due to generics, higher costs

A sign for Pharmaceutical company Pfizer is displayed on 42 Street in New York October 20, 2009. Pharmaceutical industry leader Pfizer said Tuesday third-quarter profits rose 26 percent from a year ago to 2.88 billion dollars, as cost cuts helped offset lower revenues. The profit amounted to to 51 cents a share excluding special items, topping Wall Street consensus estimates of 48 cents.AFP PHOTO TIMOTHY A. CLARY (Photo credit should read TIMOTHY A. CLARY/AFP/Getty Images)

Pfizer Inc. (PFE) says third-quarter profit dropped 19 percent as generic competition continued to cut sales, while operational expenses, taxes and charges all rose.

The maker of Lyrica for fibromyalgia says 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 world's second-largest drugmaker says net income would have been $3.86 billion, or 58 cents per share. Analysts surveyed by FactSet expected 56 cents per share.

Revenue totaled $12.64 billion, down 2 percent from $12.95 billion a year ago. Analysts expected $12.69 billion.

New York-based Pfizer raised the lower end of its 2013 profit forecast by a nickel and now expects $2.15 to $2.20 per share.