Pfizer Third-Quarter Profit Drops Seventy-Percent

Pfizer''s acquisition of Wyeth boosted its third-quarter revenue 39 percent, but hefty charges and a higher tax rate, both related to that $68 billion purchase, dragged its profit down 70 percent, the company said, reports the Associated Press. The New York-based drugmaker posted net income of $866 million. Pfizer''s one-time items included $499 million for acquisition-related restructuring, $1.16 billion for the gradual decline in the value of intangible assets such as trademarks and brand names and $1.48 billion for asset write downs related to buying Wyeth.