Pfizer beats predictions with third-quarter results

Pfizer has beaten analyst expectations by reporting third-quarter revenues of $17.19 billion (10.72 billion pounds), up seven percent on the corresponding period last year.

According to Reuters, Wall Street analysts had forecast revenues of $16.42 billion for the world's biggest pharmaceutical firm, which raised its 2011 outlook on the results.

President and chief executive Ian Read said he was "very pleased" with Pfizer's performance in the face of challenging economic conditions and the imminent Lipitor patent expiry.

"Excluding the impact of product losses of exclusivity, all of our businesses generated revenue growth while effectively managing their cost structures," he commented.

Cholesterol lowering treatment Lipitor, the world's top selling drug, will be exposed to generic competition for the first time from November 30th.

However, Pfizer was granted a six-month extension on the Lipitor patent that gives it exclusivity in most European Union countries until May 2012.

Frank D'Amelio, chief financial officer at Pfizer, said roughly $11.2 billion has been returned to shareholders so far this year through dividends and share repurchases.