We obtain a multiplication formula for cluster characters on (stably) 2-Calabi-Yau (Frobenius or) triangulated categories. This formula generalizes those known for arbitrary pairs of objects and for Auslander-Reiten triangles. As an application, we show that for cluster algebras of acyclic types, specialization of a cluster variable to 1 sends all cluster variables to elements of a cluster algebra of smaller rank. We also obtain application to the reduction of friezes of acyclic type.