Summary Box: Charges, generics hurt Pfizer's 4Q

AP News
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Posted: Jan 31, 2012 5:26 PM
Summary Box: Charges, generics hurt Pfizer's 4Q

PROFIT DIVE: Drugmaker Pfizer's fourth-quarter net income fell by half, to $1.44 billion, or 19 cents per share, because of charges and new generic competition for Lipitor, the blockbuster cholesterol-lowering drug.

PROFIT FORECAST: The Viagra maker reduced its 2012 profit forecast by a nickel, to $2.20 to $2.30 per share, and lowered its sales forecast about $2 billion, to about $61.5 billion.

WALL STREET TAKE: The results still beat analysts' expectations and they kept "Buy" ratings on the stock. Shares fell 18 cents to $21.40, then rose by the same amount in after-hours trading.