UPDATE: Pfizer Posts Upbeat Q4 Results

Pfizer

reported a rise in its fourth-quarter profit. Pfizer's quarterly profit surged to $6.3 billion, or $0.85 per share, versus $1.4 billion, or $0.19 per share, in the year-earlier period. Its adjusted profit came in at $0.47 per share. Its revenue dropped 7% to $15.07 billion. However, analysts were expecting earnings of $0.44 per share on revenue of $14.4 billion. Pfizer projects 2013 adjusted profit of $2.20 to $2.30 per share, versus analysts' estimates of $2.28 per share. Pfizer shares rose 0.52% to $26.98 in pre-market trading.