Pfizer’s Q4 profit plunges 59 per cent

NEW YORK — Drugmaker Pfizer’s fourth-quarter profit plunged 59 per cent because of discontinued operations, restructuring and other charges, and generic competition.

Despite those pressures and unfavourable currency exchange rates reducing revenue by three per cent, Pfizer easily topped Wall Street’s expectations.

Pfiser said Tuesday that net income was $2.57 billion, or 39 cents per share, down from $6.32 billion, or 85 cents per share, a year earlier.

Excluding one-time items, it said net income would have been $3.69 billion, or 56 cents per share. Analysts expected 52 cents.