Pfizer Incorporated on Thursday reported a worse-than-expected decline in first-quarter earnings after declining sales of cholesterol fighter Lipitor and medicines now facing generic competition, sending shares down almost 4 percent. Pfizer, which is the world's biggest drug maker said its net profit fell by 18 percent to $2.78 billion, or 41 cents per share, from $3.39 billion, or 48 cents per share, a year earlier when Pfizer took a big restructuring charge. Global quarterly revenue for the company fell 5 percent to $11.85 billion, shy of the $12.06 billion Reuters Estimates forecast. Sales would have fallen 10 percent if not for the weak dollar, which raises the value of overseas sales when converted back to dollars.
