Pfizer's stock falls

Pfizer, the world's largest drugmaker, yesterday beat Wall Street's third-quarter estimates with a 30 per cent rise in profits, but stock fell on what analysts said were lower-than-expected sales of cholesterol drug Lipitor.

The company, whose Ringaskiddy, Co Cork plant produces a key ingredient of the landmark impotence drug Viagra, reported operating income of $1.71 billion (€2 billion), or 27 US cents per diluted share, excluding the impact of special items and costs related to the merger with Warner Lambert. Analysts' forecast had been for earnings of 25 US cents a share.

Earnings were helped by lowerthan-expected expenses and growing sales of Lipitor and arthritis drug Celebrex. But shares of Pfizer, which employs more than 1,000 people in Ireland, slumped $2.75, or more than 6 per cent, to $42.62 1/2 in morning trade.