Drugmaker Pfizer's fourth-quarter profit plunged 59 percent because of discontinued operations, restructuring and other charges, and generic competition continuing to bleed sales of former blockbuster medicines.
Despite those pressures and unfavorable currency exchange rates reducing revenue by 3 percent, Pfizer easily topped Wall Street's expectations.
New York-based Pfizer's stock rose 85 cents, or 2.9 percent, to $30.51 in afternoon trading.
The world's second-biggest drugmaker said Tuesday that net income fell to $2.57 billion, or 39 cents per share, from $6.32 billion, or 85 cents per share, a year earlier.
Excluding one-time items, Pfizer said income would have been 56 cents per share. Analysts expected 52 cents.
Net income was reduced by the animal health business spinoff last year and the sale of Pfizer's nutrition business in late 2012.
Revenue totaled $13.56 billion, down 2 percent. Analysts expected $13.36 billion.
Sales of primary care drugs fell 10 percent to $3.44 billion, mainly on generic competition for Viagra in Europe and for cholesterol fighter Lipitor.
Lipitor, the world's top-selling drug until U.S. generic competition hit two years ago, now faces cheaper copycats in Europe and Australia, too. Those smaller revenues were shifted to the established products unit, where sales edged up 2 percent to $2.42 billion.
Specialty drug sales dropped 7 percent to $3.4 billion, on generic competition overseas for two other drugs. Meanwhile, royalties from immune disorder drug Enbrel fell as Pfizer's co-promotion deal winds down.
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