NEW YORK – Pfizer swing to a small profit in the fourth-quarter as rising medicine sales helped offset big increases in spending on research and production, but it still missed Wall Street expectations.
The New York drugmaker, the first company to get U.S. emergency use authorization for a COVID-19 vaccine, reported fourth-quarter net income of $594 million, or 10 cents per share.
A year earlier, Pfizer posted a loss of $337 million, or 6 cents per share, mainly due to a big writedown on the value of eczema drug Eucrisa.
Excluding one-time items, adjusted earnings came to 42 cents per share, or 4 cents shy of Wall Street projections, according to a survey by Zacks Investment Research.