Business

Pfizer’s 4Q net plunges on charges, sales decline

By Linda Johnson
Published January 28, 2014 7:02pm ET
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Pfizer’s 4Q net plunges on charges, sales decline
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) | Wilfredo Lee

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.

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