Drugmaker Pfizer's Q4 net nearly quadruples on $4.8B gain from sale of nutrition business - InfoNews

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Drugmaker Pfizer's Q4 net nearly quadruples on $4.8B gain from sale of nutrition business

FILE - In this file photo Jan. 31, 2011, the Pfizer logo is displayed at the drug company's world headquarters in New York. Pfizer Inc. said Tuesday Jan. 29, 2013 its fourth-quarter profit more than quadrupled, despite competition from generic drugs hurting sales, because of a $4.8 billion gain from selling its nutrition business. (AP Photo/Mark Lennihan, File)
January 29, 2013 - 4:40 AM

NEW YORK, N.Y. - Pfizer Inc. says its fourth-quarter profit more than quadrupled, despite competition from generic drugs hurting sales, because of a $4.8 billion gain from selling its nutrition business.

The world's biggest drugmaker says its net income was $6.32 billion, or 85 cents per share, up from $1.44 billion, or 19 cents per share, a year earlier.

Excluding one-time items, the Viagra maker would have had a profit of $3.51 billion, or 47 cents per share — 3 cents more than analysts surveyed by FactSet were expecting.

Revenue fell 7 per cent to $15.1 billion, mainly due to generic competition to cholesterol blockbuster Lipitor. Analysts expected $14.35 billion.

The New York-based company's stock rose 11 cents to $26.95 in premarket trading.

News from © The Associated Press, 2013
The Associated Press

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