The world's largest drug maker took a 77% hit in third-quarter net income after dropping Exubera, its inhaled insulin product. Competition from generic drugs also pulled down sales, Pfizer announced this morning, as the company lowered its 2007 net-income forecast.
In walking away from Exubera, which Pfizer acquired the world-wide rights to last year for $1.4 billion, the company took a $2.8 billion charge. Sales were disappointing—just $4 million for the second quarter of 2007—the company said, as the drug "failed to gain the acceptance of patients and physicians." Sales of Lipitor, Zithromax, Zoloft, and Norvasc all suffered from recent loss of exclusivity.