Lipitor sales take a nosedive; Pfizer stock follows

Pfizer took a pounding in the stock market today after announcing poor earnings. The drug giant blamed increased competition from generics and lower than anticipated earnings from Lipitor, it’s bread-and-butter brand. According to Reuters,

The world’s biggest drug maker, whose shares fell more than 3 percent in morning trading, said it earned $1.27 billion, or 18 cents per share in the second quarter. That compares with $2.42 billion, or 33 cents per share, a year earlier…

“I think this is a disappointing result, particularly relative to their first-quarter report,” Leerink Swann & Co. analyst Seamus Fernandez said.

Yep, I think I’d be disappointed.

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