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Pfizer Inc., the world's largest drugmaker, said Wednesday its fourth-quarter profit fell 70 percent from year-ago results that included hefty gains on the sale of the company's consumer health business.
Its adjusted profit and sales both topped Wall Street expectations, and the maker of the top-selling drug Lipitor raised its fiscal 2008 revenue outlook.
For the three months ended Dec. 31, net income fell to $2.88 billion, or 42 cents per share, from $9.45 billion, or $1.32 per share, a year ago, which included divestiture gains of $1.11 per share. Excluding items, net income in the latest period totaled $3.6 billion, or 52 cents per share.
Revenue climbed 4 percent to $13.07 billion from $12.60 billion in the 2006 period, as international sales -- buoyed by the weaker dollar -- helped offset the loss of patent protection on blood pressure drug Norvasc and antidepressant Zoloft.
The results beat expectations of analysts polled by Thomson Financial, who forecast fourth-quarter profit of 47 cents per share on $12.19 billion in revenue.

Labels: PFE, Pfizer Inc.