Pfizer Losses 3% in Profit, Earnings Shy of Forecasts

Shares of Pfizer Inc. dropped as nearly 1.3% in premarket trading on Tuesday after the pharmaceutical corporation reported a fourth-quarter earnings that decreased compared to the same period last year.

The largest U.S. drugmaker posted a net income $775 million, or 13 cents per share, in the quarter, compared with a loss of $172 million, or 3 cents per share, in the same period a year ago. Excluding one-time items, adjusted earnings reached 47 cents per share, but still missed consensus estimate of 50 cents per share.

Pfizer’s revenue for the quarter fell 3.0% from $14.05 billion last year to $13.63 billion. The company cited a strong dollar and fewer selling days compared to the year-ago quarter as reasons for a decline in quarterly revenue.

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