NEW YORK (AP) ? Pfizer Inc. says first-quarter profit fell 19 percent, mainly because new generic competition to its blockbuster cholesterol pill Lipitor cut U.S. sales by 15 percent as the drugmaker offered big rebates and discounts to keep patients on its brand.
The maker of Viagra says net income was $1.79 billion, or 24 cents per share, down from $2.22 billion, or 28 cents a share, a year earlier.
Excluding one-time items, the world's biggest drugmaker would have made $4.43 billion, or 58 cents per share. Analysts were expected 56 cents a share.
Revenue totaled $15.4 billion, down 7 percent from $16.5 billion a year ago. Analysts were expecting $15.46 billion.
Pfizer lowered its adjusted profit forecast for 2012 by 6 cents, to $2.14 to $2.24 per share.
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