The New York company's third-quarter profit handily beat Wall Street forecasts, and it raised its financial outlook for the year. The biggest U.S. drugmaker for now on Tuesday reported earnings of $7.68 billion, or $1.36 per share, up from $4.11 billion, or 69 cents per share. Pfizer created its consumer health joint venture with GlaxoSmithKline on Aug. 1, resulting in a much-bigger company with more scale; Pfizer owns 32% of that business, which will eventually go public. Pfizer also is creating a huge drug company by combining its Upjohn off-patent branded drug unit with generic pharmaceutical company Mylan, a deal that should close in mid-2020. Pfizer will own 57 % of that company, which will market Pfizer brands including Viagra and pain drug Lyrica.

NEW YORK - Pfizer and Mylan announced they are combining two of their businesses to create a global powerhouse in the low-price drug market. Pfizer said Monday it's offloading Upjohn, its portfolio of drugs that are no longer protected by patents, including Viagra, Lipitor and Celebrex. It is combining Upjohn with rival Mylan, which makes EpiPens, to create a new company. The combined company is expected generate annual revenue of $20 billion and will be based in the United States. Other drugs in Pfizer's Upjohn portfolio include anxiety medication Xanax, depression drug Zoloft, and Lipitor, which treats high cholesterol.

Pfizer and Mylan announced they are combining two of their businesses to create a global powerhouse in the low-price drug market. Distributed by LAKANA. This material may not be published, broadcast, rewritten or redistributed.

The Wall Street Journal reported Saturday that pharma giants Pfizer and Mylan are nearing a deal that could create a global powerhouse in the low-price drug market. Neither Pfizer nor Mylan responded to requests for comment from CNN Business on Saturday. Under the terms reportedly under consideration in the stock deal, Pfizer would spin off its Upjohn business, which runs a portfolio of drugs that are no longer protected by patents, and combine the firm with Mylan, which manufactures generic and name-brand drugs. Other drugs in Pfizer's Upjohn portfolio include anxiety medication Xanax, depression drug Zoloft, and Lipitor, which treats high cholesterol. Pfizer is also launching a joint venture with GlaxoSmithKline that will have an estimated $12.7 billion in annual sales.