Yes. In fact, I went from a 2.2 my SECOND year to a 3.2 my fourth year. I'll be graduating with honors this spring. I had a 3.8 after pre-pharmacy, if that gives you an idea of how far I fell. I'm not sure what your situation is, but mine was due to a death in the family. Here's what I did to bounce back:
1) I made the decision that pharmacy school was a priority to me. (I had checked out a bit mentally my 2nd year)
2) I stopped settling for "C's get degrees" and started wanting to learn and understand the material
3) I changed my study habits. Sometimes trying something different is what you really need.
4) I got a job. I know it seems counterproductive, but at the time I was getting those grades, I hadn't had an internship yet. I started working as many hours as I could (still having enough time to study of course) and made sure that I took off the few days before big exams. Working is what helped me more than anything, because it gave me experience and helped me see how things REALLY are in pharmacy. Seeing prescriptions helps you get familiar with dosing, gives you a visual example of the topics you're going over in class, and helps remind you of the reasons that you love pharmacy. If I hadn't gotten a job the summer after my 2nd year, I don't think I'd still be in pharmacy school.