Pfizer, the world's biggest drug company, said third quarter earnings tumbled 77 percent, as it took a big charge to stop production of its once-promising inhaled insulin drug, Exubera.

The company took charges of $2.8 billion related to Exubera and said it has stopped production at the plant in Indiana that made it.

"We made an important decision regarding Exubera, a product for which we initially had high expectations," said Jeff Kindler, Pfizer's chief executive. "Despite our best efforts, Exubera has failed to gain the acceptance of patients and physicians. We have therefore concluded that further investment in this product is unwarranted."

Pfizer earned $761 million, or 11 cents a share, compared with $3.36 billion, or 46 cents a share, in the quarter a year ago. Excluding the charges, Pfizer earned 58 cents a share, topping forecasts. Still, revenue fell 2 percent, to $12 billion.

The retreat on Exubera highlights the challenges facing the pharmaceutical giant. Competition from makers of generic drugs will grow as Pfizer's patent protections on a number of its top-selling drugs, including the cholesterol medication Lipitor, will expire in the next several years. And Pfizer's pipeline of new drugs has yet to show promise.

That's why so much hope was pinned on Exubera, which the company had once said would generate $2 billion in annual sales.