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Pfizer profit drops in third quarter; ophthalmic posts gains

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NEW YORK — Third-quarter 2005 earnings for Pfizer dropped by 52%, but glaucoma medications Xalatan/Xalacom (latanoprost and latanoprost/timolol) posted an 11% increase in sales from the previous year’s quarter, the company announced in a press release.

The company also noted Macugen (pegaptanib) “is off to a strong start since its January launch in the United States and September launch in Canada.” The age-related macular degeneration drug is co-promoted with Eyetech in the United States. In Europe, the drug has received a positive opinion from regulators, and Pfizer predicted Macugen would be approved by year-end in the European Union.

Xalatan and Xalacom posted third quarter sales of $338 million worldwide, with $110 million in the United States. Outside the United States, the drug posted sales of $228 million, a 15% increase over the same period in 2004, Pfizer said in the release.

Pfizer attributed its earnings decline to falling sales of its leading arthritis drug, miscellaneous charges and generic competition.