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