FILE - In this Jan. 30, 2012 file photo, boxes of the drug Relpax, made by Pfizer, are displayed in Surfside, Fla. Pfizer reports quarterly results before the market open on Tuesday, Jan. 28, 2014. (AP Photo/Wilfredo Lee, File)
Drugmaker Pfizer says fourth-quarter profit plunged 59 percent because of restructuring and other charges and generic competition continuing to siphon off revenue from former blockbuster medicines.
Still, the world's second-biggest drugmaker topped Wall Street's modest expectations. Pfizer says net income was $2.57 billion, or 39 cents per share, down from $6.32 billion, or 85 cents per share, a year earlier.
Excluding one-time items, the maker of Viagra, arthritis drug Xeljanz and pneumonia vaccine Prevnar says net income would have been $3.69 billion, or 56 cents per share. That topped analyst expectations of 52 cents per share.
Revenue totaled $ 13.56 billion, down 2 percent. Analysts expected $13.36 billion.
The New York-based drugmaker forecast 2014 profit of $1.57 to $1.72 per share.