NEW YORK (AP) — Pfizer Inc.'s fourth-quarter profit fell by half due to one-time charges and a drop in U.S. revenue, which was hurt by blockbuster cholesterol drug Lipitor losing patent protection. It still beat Wall Street expectations.
The maker of Viagra says net income was $1.44 billion, or 19 cents per share, down from $2.89 billion, or 36 cents per share, a year earlier.
Adjusted income was $3.86 billion, or 50 cents a share, down from $3.74 billion, or 47 cents a share, a year earlier.
Revenue was $16.7 billion, down from $17.4 billion in 2010's fourth quarter.
Earnings and revenue topped expectations of 47 cents per share on revenue of $16.61 billion.
The company forecast 2012 earnings per share of $2.20 to $2.30, down a nickel from its last forecast.