Pfizer Narrows Full-Year Forecast

Sales of the smoking-cessation drug Chantix decreased 24% to $182 million. In the U.S., sales were down 49%. Pfizer said its U.S. results continue to be hurt by changes to the drug's label.

Increased competition, patent expirations and a thinning pipeline have hung over Pfizer -- which faces patent expiration on its highest earner, Lipitor, in 2011 -- and its peers for some time. The company said earlier this quarter that it met its near-term goals for beefing up its late-stage pipeline and will focus on its eight cancer programs and other "high-potential" areas.

"We remain on track to meet our 2008 objectives, despite the turbulent global economy," said Chairman and CEO Jeff Kindler, in a press release Tuesday.

Adjusted total costs for the quarter, not including the effect of foreign exchange, decreased by $460 million, or 6%, year over year. The company said it reduced its workforce by 3,600 employees during the quarter.

Pfizer said it believes it will exceed its goal to cut total adjusted costs by between $1.5 billion and $2 billion by the end of the year.

"These initiatives span essentially all divisions, functions, markets and sites, and reflect a workforce reduction of 14,600 since the target was established in January 2007," the company said in the press release.

For the full year, Pfizer narrowed its revenue guidance to a range of $48 billion to $49 billion, from $47 billion to $49 billion previously. The company also altered its forecast for adjusted earnings to a range of $2.36 to $2.41 a share, from $2.35 to $2.45.