UPDATE: Pfizer Reports Upbeat Q4 Profit, Lowers 2012 Forecast

Pfizer Inc PFE reported a drop in its fourth-quarter profit. Pfizer's quarterly profit declined to $1.44 billion, or $0.19 per share, from $2.89 billion, or $0.36 per share, in the year-ago period. Its sales fell to $16.75 billion from $17.35 billion. Pfizer's adjusted earnings came in at $0.50 per share. However, analysts were expecting a profit of $0.47 per share on sales of $16.61 billion. Pfizer cut its full-year 2012 earnings forecast to between $2.20 and $2.30 per share, versus analysts' estimates of $2.28 per share. Pfizer shares gained 1.34% to $21.87 in pre-market trading.