By Shannon Pettypiece

Oct. 20 (Bloomberg) — Pfizer Inc. said third-quarter profit rose 26 percent, beating analysts’ estimates, as the world’s biggest drugmaker continued to cut jobs in preparation for its acquisition of Wyeth.

Net income increased to $2.88 billion, or 43 cents a share from $2.28 billion, or 34 cents, a year earlier, the New York- based company said today in a statement. Profit excluding certain items was 51 cents a share, beating by 3 cents the average estimate of 15 analysts surveyed by Bloomberg.

Revenue declined 3 percent to $11.6 billion, topping analyst estimates by $200 million. Pfizer completed its $68 More >