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... Bloomberg.com: Top Worldwide Updated: New York: Oct 20 11:00London: Oct 20 16:00Tokyo: Oct 21 00:00 US AUBZFPGRHKIMJPLNSMIND : Top Worldwide Top Worldwide Regions Markets Economy/Politics Commentary Sports Culture RESOURCES: Bloomberg TV Bloomberg Radio Markets E-Mail This Story Printer-Friendly Format Pfizer Net Plunges 52% on Lower Sales, Purchase Costs (Update3) Oct.

20 (Bloomberg) - Pfizer Inc., the world's biggest drugmaker, said third-quarter earnings plunged 52 percent on acquisition costs and lower sales of its Celebrex painkiller and Neurontin epilepsy drug.

Shares dropped as much as 8 percent.

Net income declined to $1.59 billion, or 22 cents a share, from $3.34 billion, or 44 cents, a year earlier, New York-based Pfizer said today in a statement.

Revenue fell for the first time in four years, by 5 percent to $12.2 billion.

Pfizer cut its 2005 forecast and withdrew its 2006 and 2007 projections.

Sales of Celebrex dropped 44 percent and Neurontin 80 percent.

Profit this year excluding costs linked to the purchase of Vicuron Pharmaceuticals Inc.

will be $1.02 to $1.04 a share, down from a July forecast of $1.24, Pfizer said.

Chief Executive Hank McKinnell is carrying out a plan to cut $4 billion from annual costs by 2008 as he prepares for patent expirations on some of the company's most profitable drugs.

``It looks like problems across the board,'' said Miller Tabak & Co.

health-care strategist Les Funtleyder in a telep...

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