Pfizer's fourth-quarter net income slumps 50%

Global drug behemoth Pfizer (NYSE: PFE) reported fourth-quarter 2011 net income of $1.4 billion, a year-on-year decrease of 50%, and reported diluted earnings per share down 47%  at $0.19, impacted by a prior-year tax settlement and loss of US market exclusivity for its top-selling cholesterol drug Lipitor (atorvastatin) ended in late November. For full-year 2011 reported net income was up $10.0 billion and reported diluted EPS was $1.27, an increase of 25% compared with $1.02 in full-year 2010.

Fourth-quarter 2011global revenues fell 4% to $16.7 billion, which reflects an operational decline of $765 million, or 5%, and the favorable impact of foreign exchange of $157 million, or 1%. US revenues were $6.3 billion, a decrease of 12%, while international sales rose 3% to $10.4 billion.

Full-year 2011 revenues were $67.4 billion, up 1% compared with $67.1 billion in full-year 2010, which reflects an operational decline of $1.6 billion, or 2%, and the favorable impact of foreign exchange of $1.9 billion, or 3%. US revenues were $26.9 billion, down 7% and international sales rose 6% to $40.5 billion.