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NEW YORK, NY (

TheStreet

) --

Pfizer

(PFE) - Get Pfizer Inc. Report

reported higher third-quarter earnings on lower revenue as the pharmaceutical completes its acquisition of

Wyeth

.

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The drugmaker said net income and earnings per share for the June quarter rose 26% to $2.88 billion, or 43 cents a share, compared to net income of $2.38 billion, or 34 cents a share in the prior year.

While earnings rose mainly due to cost-cutting, Pfizer's revenue fell 3% in the third quarter to $11.62 billion from $11.97 billion in the year-ago quarter. The drug giant's sales were hurt by foreign exchange as well as a 12% sales decline in the portfolio of mature drugs that have lost patent protection, Pfizer said.

Sales of the anti-cholesterol drug Lipitor fell 9% worldwide to $2.85 billion in the third quarter. In the U.S, Lipitor sales fell 12%. Sales of Chantix, Pfizer's stop-smoking drug, dropped 15% during the quarter.

On an adjusted basis, Pfizer earned 51 cents a share, an 18% drop from adjusted earnings of 62 cents a share in the year-ago quarter. Analysts were looking for Pfizer to earn 43 cents a share on revenue of $11.4 billion.

With the $68 billion acquisitio of Wyeth complete on Oct. 15, Pfizer now says it expects full-year 2009 revenue in the range of $49 billion to $50 billion and reported earnings in the range of $1.45 to $1.50 a share. On an adjusted basis, Pfizer says 2009 earnings will be in the range of $2 to $2.05 a share.

Pfizer shares closed Monday at $17.98.

Adam Feuerstein writes regularly for TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet.com. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback;

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