Cutting back
by Ellen
(Edina, MN)
Doug says that normally you cut a poinsettia back in the first week of September to get it to push new growth out so that new growth will produce flowers and red-bracts 10-12 weeks later.
Technically, you can prune it back any time the plant is resting - mid-winter is likely fine if you're not looking for a great bloom.
Dropping leaves means stress however. And while you may not see a change - the plant is registering a change by dropping leaves. Assuming it's not just one here and there from the bottom - then you have a stressed poinsettia plant and it's going to keep on dropping leaves until it recovers.
In this case - pruning won't help a bit - it will only add to the problem.