Pfizer's 4th-qtr beats forecasts, benefitting from Nutrition business sale

Global drugs behemoth Pfizer (NYSE: PFE) reported better-than-expected fourth-quarter 2012 financial results yesterday, along with full-year figures, but also disappointed with its projections for 2013. The quarter benefited from the $12 million sales of its Nutrition business to Nestle, as well as a good showing in emerging markets, where sales rose 17% to $2.65 billion.

Pfizer posted fourth quarter earnings of $0.47, down 4% year-on-year, and beat the average expectations of $0.44 of analysts polled by Thomson Reuters. Results were hit by the loss of exclusivity of certain products – most notably the all-time blockbuster cholesterol-lowerer Lipitor (atorvastatin) and the unfavorable impact of currency fluctuation. Revenues fell 7% to $15.1 billion, but still well ahead of the $14.37 billion forecast of analysts. Including one-time items, fourth quarter earnings from continuing operations were $0.85 cents compared to the year-ago earnings of $0.11

Full year 2012 earnings declined 4% to $2.19 per share. Revenues fell 10% to $58.9 billion. Both earnings and revenues exceeded consensus estimate of $2.16 per share and $58.4 billion, respectively.