NEW YORK (AP) - Pfizer Inc., the world's biggest drugmaker, said Thursday that fourth-quarter profit fell about three per cent as sales retreated from year-ago levels, but the company beat Wall Street estimates after excluding one-time charges.
Net income declined to $2.73 billion US, or 37 cents a 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 nine per cent to $13.59 billion from $14.92 billion last year, with worldwide sales of the blockbuster cholesterol reducer Lipitor rising three per cent to $3.36 billion.
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 three per cent, to $24.82 in pre-market activity on the INET electronic exchange.
