Pfizer earnings fall but tops Street 4Q forecasts

February 2, 2016 2:02 PM

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Pfizer Inc.’s fourth-quarter profit fell by half due to higher costs for production, administration and restructuring, yet the world’s second-biggest drugmaker managed to beat Wall Street expectations.

The New York-based company’s revenue rose by 7 percent, ending a long stretch of declining sales due to generic competition to one-time blockbusters. For the first time in several years, Pfizer posted higher revenue, excluding the impact of unfavorable exchange rates, as its 2015 sales rose 3 percen...

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