Pfizer 4Q Profit Slips As Revenue Falls
Thursday January 19, 7:29 am ET
Pfizer Fourth-Quarter Profit Slips 3 Percent As Revenue Falls From Last Year
NEW YORK (AP) -- Pfizer Inc., the world's biggest drugmaker, said Thursday that fourth-quarter profit fell about 3 percent as sales retreated from year-ago levels, but the company beat Wall Street estimates after excluding one-time charges.
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Net income declined to $2.73 billion, or 37 cents per share, for the October-December period from $2.83 billion, or 38 cents per share, a year ago. Excluding one-time charges, the company reported earnings from continuing operations of $3.77 billion, or 51 cents per share, for the latest quarter.
Revenue fell 9 percent to $13.59 billion from $14.92 billion last year, with worldwide sales of the blockbuster cholesterol reducer Lipitor rising 3 percent to $3.36 billion from a year ago.
Analysts surveyed by Thomson Financial had estimated fourth-quarter earnings at 42 cents per share on revenue of $13.16 billion. The estimates tupically exclude one-time items.
Pfizer shares rose 73 cents, or 3 percent, to $24.82 in premarket activity on the INET electronic exchange.
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