Pfizer Inc.’s first full quarter without a patent-protected Lipitor cholesterol drug in its war chest proved dicey when the company released today first-quarter financials  that showed profits falling 19 percent from the same period a year ago and a profit forecast for the year adjusted downward.

Pfizer reported profits of $1.79 billion, or 24 cents per share, for the quarter, down from $2.22 billion, or 28 cents a share, the year before. The company’s adjusted earnings of 58 cents a share was slightly above Wall Street expectations, but its long-term profit outlook was adjusted downward by 6 cents.

 “I am pleased with our first-quarter 2012 financial performance, which was driven by growth in certain brands including Celebrex, Enbrel and Lyrica,” Pfizer chairman and chief executive Ian Read said in a statement.

Revenues in the quarter hit $15.4 billion, a 7 percent decrease. Six percent of the decrease was attributable to operational declines, while 1 percent was because of unfavorable foreign exchange rates.