Pfizer recorded negative Q3 results

The US pharmaceutical giant Pfizer has closed the third quarter with results below expectations. The net profit falls 38% to $1.32 billion from the prior year's $2.130 billion while quarterly revenues grew by 7.93% to $ 13.045 billion, the forecast was $ 13.05 billion.

The strong competition in the generic drug has weighed on the accounts. Earnings per share rose to $0.61 from $0.60 last year, below $0.62 expected.

CEO Ian Read said in a statement that Pfizer anticipates the essential health business "will be able to transition to a modest revenue growth business" due to its strength in emerging markets such as China, Hospira's products and the biosimlar drugs, near-copies of expensive biologic drugs "manufactured" in cells, Pfizer is developing.

In a separate statement, the US drugmaker giant said it discontinued bococizumab due to unimpressive results of late-stage testing and limited commercial prospects, due to insurers prefer to limite patient access in favor of cheap generic cholesterol pills.