I just needed to do this, but thought Steven's solution would be slow. This should hopefully use graphics HW. Create a category on UIImage:
- (UIImage *)imageByApplyingAlpha:(CGFloat) alpha {
UIGraphicsBeginImageContextWithOptions(self.size, NO, 0.0f);
CGContextRef ctx = UIGraphicsGetCurrentContext();
CGRect area = CGRectMake(0, 0, self.size.width, self.size.height);
CGContextScaleCTM(ctx, 1, -1);
CGContextTranslateCTM(ctx, 0, -area.size.height);
CGContextSetBlendMode(ctx, kCGBlendModeMultiply);
CGContextSetAlpha(ctx, alpha);
CGContextDrawImage(ctx, area, self.CGImage);
UIImage *newImage = UIGraphicsGetImageFromCurrentImageContext();
UIGraphicsEndImageContext();
return newImage;
}