There never was any question that 2012 would be a difficult year for Pfizer Inc. as the big pharma cycles through the loss of patent protection for Lipitor (atorvastatin), and the company’s third-quarter sales reflect that challenge. But management tried to deflect investor attention away from the 2012 financial realities during a Nov. 1 conference call, and emphasize the company’s longer-term growth prospects instead.
“The peak year of patent expirations for us, as far as we can see, is 2012 when we will lose...