CORRECTED - UPDATE 1-Pfizer pulls EU bid to sell non-prescription Viagra

(Corrects to "without" from "with" in paragraph 3)

*Withdraws EU application for non-prescription Viagra

*Still believes 50mg dose meets guidelines for OTC status

LONDON, Nov 20 (Reuters) - Pfizer Inc (PFE.N) has withdrawn its application to make its blockbuster impotence pill Viagra available over-the-counter in a 50 milligram dose in the European Union, the company said on Thursday.

The decision came following comments the U.S.-based company received from the European Medicines Agency charged with deciding Pfizer's application on a drug that in 2007 generated sales of $1.76 billion.

In a statement the company said it withdrew the application "recognizing that there were some concerns regarding the proposed supply of Viagra 50 milligram tablets without a prescription in the European Union."

Pfizer said it believed that dose of Viagra still meets guidelines for a switch to non-prescription and that it would continue to work with regulators to improve access to the drug and other medicines.

Impotence is a common condition worldwide, and drugs like Pfizer Inc's (PFE.N) Viagra or sildenafil, Eli Lilly and Co's (LLY.N) Cialis or tadalafil, and Bayer AG's BAYG.DE Levitra or vardenafil, work by increasing blood flow to the genitals.

Pfizer has not filed an application with U.S. regulators to make Viagra available over-the-counter in the United States, the world's biggest drug market. (Reporting by Michael Kahn; Editing by Paul Hoskins and Rupert Winchester)