Pfizer tops Street 4Q forecasts

Pfizer Inc. (PFE) on Tuesday reported fourth-quarter net income of $613 million.

On a per-share basis, the New York-based company said it had profit of 10 cents.

Earnings, adjusted for non-recurring costs, were 53 cents per share.

The results topped Wall Street expectations.

The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 52 cents per share.

The drugmaker posted revenue of $14.05 billion in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $13.61 billion.

Pfizer expects full-year earnings in the range of $2.20 to $2.30 per share, with revenue in the range of $49 billion to $51 billion.

Pfizer shares have declined 6.5 percent since the beginning of the year, while the Standard & Poor's 500 index has declined 5 percent.

The stock has declined 3.5 percent in the last 12 months.

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