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Pfizer's cost savings offset poor Lipitor performance

This article was originally published in Scrip

Executive Summary

Pfizer's revenue for the third quarter fell just short of the figure for the same period last year, achieving $11.97 billion, compared with $11.99 billion in 2007. However, its net income increased significantly, by 199%, to $2.28 billion, due to after-tax charges that the company undertook last year after it stopped marketing its diabetes drug Exubera. The product failed to gain acceptance following its launch in the US and Europe in 2006.

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