Pfizer shares gain despite lower sales and profits

US pharma giant Pfizer (NYSE: PFE) reported fourth-quarter and full-year 2013 financial results that beat consensus analysts’ estimates, which saw its share rise 2.8% to $30.50 by mid-morning trading.

Fourth-quarter revenues fell 2% to $13.56 billion (versus analysts’ forecasts of $13.36 billion), with adjusted income up 9% to $3.69 billion and adjusted earnings per share rising 22% to $0.56, well topping analysts’ forecast of $0.52. Reported net income slumped 59% to $2.57 billion and reported diluted EPS was $0.39, down 54%.

Full-year revenues were down 6% to $54.66 billion, with adjusted income down 3% to $15.75 billion, partly as a result of disposals such as the animal health business which was floated off as Zoetis, and continuing impact of patent exclusivity losses. Reported net income rose 51% to $22.0 billion and reported diluted EPS was $3.19, a rise of 64%.