The drugmaker’s second-quarter profit fell 48 percent, thanks to the loss of patent exclusivity for its Zoloft antidepressasnt and Norvasc heart drug, but in particular, due to plunging sales of Lipitor, which has been the world’s best-selling med. Now, though, US sales are down 25 percent and worldwide sales fell 13 percent. Why? Competition, primarily from generic Zocor.

“Our most prescribed product, did not meet our expectations for the quarter,” ceo Jeff Kindler confessed. Talk about understatement.

He goes on to say that there are plans to promote the struggling cholesterol pill still more, such as those ads with artificial heart doc Robert Jarvik, and to offer bigger rebates to third-party payors, which he calls a “more flexible contracting policy.” Although the recent deal with Express Scripts didn’t help. No matter what Pfizer does, however, Kindler concedes that global Lipitor sales this year will be flat or drop 5 percent.

Overall, net income slid to $1.3 billion, or 18 cents a share, from $2.4 billion, or 33 cents, a year earlier. The results, which missed Wall Street forecasts, include payments to Bristol-Myers Squibb for their partnership to develop and market the cardiovascular drug apixaban. Revenue dipped 6 percent to $11.1 billion from $11.7 billion a year ago.

“While there’s no question that we faced difficult challenges in the second quarter of 2007, we’re still on track to meet our previously announced 2007 and 2008 revenue and adjusted diluted earnings per share goals,” Kindler insists.