Pfizer has just reported a 1% decrease in sales for the second quarter while net income rose 5% to $2.61 billion.

Turnover came in at $16.98 billion, boosted by foreign exchange (+4%) and the additional of products from recently-acquired King Pharmaceuticals, though the figure does not include $214 million from the Capsugel unit, the sale of which has just been completed to KKR for $2.38 billion.

Biopharmaceutical sales slipped 3% to $14.64 billion. Revenues from the cholesterol blockbuster Lipitor (atorvastatin) fell 8% to $2.59 billion, hit by competition from other statins and the loss of patent protection in certain countries, such as Canada and Spain.

Generic competition also hurt the blood pressure treatment Norvasc (amlodipine), which fell 11% to $375 million, though the COX-2 inhibitor Celebrex (celecoxib) was up 3% to $622 million. The erectile dysfunction blockbuster Viagra (sildenafil) brought in $495 million, up 1%, while the glaucoma drug Xalatan (latanoprost) had sales of $291 million (-35%).

Sales of Lyrica (pregabalin), for epilepsy, fibromyalgia and neuropathic pain, increased 19% to $908 million, while the kidney cancer treatment Sutent (sunitinib) was up 16% to $296 million. The smoking cessation drug Chantix/Champix (varenicline) rose 12% to $190 million.

__As for products Pfizer got hold of through its acquisition of Wyeth, the antidepressant Effexor XR (venlafaxine) contributed just $168 million, down 73% as a result of generic competition, though there were strong performances for the pneumococcal disease vaccine Prevnar 13 ($821 million; + 44%) and the arthritis and psoriasis therapy Enbrel (etanercept; $914 million outside North America; +13%).

Wyeth’s antibiotic Zosyn/Tazocin (piperacillin/tazobactam) brought in $162 million, down 30%, while the Premarin (conjugated oestrogens) range of hormone replacement therapies contributed $255 million to Pfizer’s coffers, a decrease of 2%.

Chief executive Ian Read said the performance "was inline with our expectations". He added that "although results were impacted by losses of exclusivity of several key products in certain geographies", he was particularly pleased with Lyrica, Enbrel and the Prevnar franchise. Pfizer recently announced it is to explore strategic alternatives for its animal health and nutrition businesses, but the CEO offered no further information on what option the company will take.