Pfizer 3Q profit falls 14 pct on generic Lipitor

NEW YORK -- Drug giant Pfizer Inc. says its third-quarter profit fell 14 percent as sales plunged, mainly due to U.S. generic competition to cholesterol fighter Lipitor, long the world's top-selling drug.

The maker of pain reliever Lyrica says net income was $3.21 billion, or 43 cents per share. That was down from $3.74 billion, or 48 cents per share, a year earlier.

Excluding one-time items, earnings were 53 cents per share. Analysts expected 52 cents.

Revenue fell 16 percent to $13.98 billion, below expectations for $14.66 billion.

Pfizer raised its 2012 profit forecast, to $1.30 to $1.38 per share, from $1.21 to $1.36 per share, but reduced the top end of its revenue forecast by $1 billion.

Pfizer's stock fell 52 cents, or 2.1 percent, to $24.35 in premarket trading.