Pfizer Q4 net plunges on charges; sales decline

January 29, 2014 

Drugmaker Pfizer’s fourth-quarter profit plunged 59 percent because of discontinued operations, restructuring and other charges, and generic competition continuing to bleed sales of former blockbuster medicines.

Despite those pressures and unfavorable currency exchange rates reducing revenue by 3 percent, Pfizer easily topped Wall Street’s expectations.

New York-based Pfizer’s stock rose 85 cents, or 2.9 percent, to $30.51 in afternoon trading.

The world’s second-biggest drugmaker said Tuesday that net income fell to $2.57 billion, or 39 cents per share, from $6.32 billion, or 85 cents per share, a year earlier.

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