Pfizer profit down 12% as sales of off-patent drugs fall

Pfizer Inc reported a 12.4% drop in first-quarter profit on Tuesday, partly hurt by a drop in sales its off-patent pain treatment Lyrica.

Net income attributable to shareholders fell to $3.40 billion, or 61 cents per share, in the quarter, from $3.88 billion, or 68 cents per share, a year earlier.

Revenue at the company, which is set to spin off its off-patent branded drugs business and combine it with generic drugmaker Mylan NV, fell 8.3% to $12.03 billion.