Pfizer Earnings Soar 46% in Fourth Quarter

Driven by strong sales of key products, Pfizer Inc. said Wednesday its fourth quarter profit soared 46%, narrowly beating Wall Street estimates.

The world’s largest drug company earned $2.86 billion in the October-December period, up from $1.96 billion a year earlier. Excluding merger-related costs, accounting changes and other items, Pfizer earned $2.94 billion. Revenues for the quarter increased 14% to $9.33 billion from $8.18 billion a year earlier.

Pfizer predicted earnings per share did not include its purchase of Pharmacia Corp., which is expected to be completed by the end of the quarter. The figure also doesn’t include four businesses that have been sold or will be divested.

For the year, Pfizer said net income rose 17% to $9.13 billion. Annual revenues grew 12% to $32.4 billion from $29.0 billion in 2001.

On Tuesday, Pfizer said it was selling the Schick-Wilkinson Sword shaving business to battery and flashlight maker Energizer Holdings Inc. for $930 million. It is also in the process of selling its Adams confectionary business and last year shed it Tetra fish-care subsidiary. It is also planning to sell a line of women’s health product lines, which includes a hormone replacement product and two oral contraceptives.