Watch CBSN Live

Pfizer profit falls by half after generic Lipitor

NEW YORK - Pfizer Inc.'s (PFE) fourth-quarter profit fell by half due to one-time charges and a drop in U.S. revenue, which was hurt by blockbuster cholesterol drug Lipitor losing patent protection. It still beat Wall Street expectations.

The maker of Viagra says net income was $1.44 billion, or 19 cents per share, down from $2.89 billion, or 36 cents per share, a year earlier.

Adjusted income was $3.86 billion, or 50 cents a share, down from $3.74 billion, or 47 cents a share, a year earlier.

Lipitor became available as a generic prescription drug in late November 2011.

Revenue was $16.7 billion, down from $17.4 billion in 2010's fourth quarter.

Earnings and revenue topped expectations of 47 cents per share on revenue of $16.61 billion.

The company forecast 2012 earnings per share of $2.20 to $2.30, down a nickel from its last forecast.

View CBS News In