Pfizer beats earnings guidance

Pfizer reported better-than-expected fourth-quarter results yesterday, helped by higher sales of drugs for cancer, nerve pain and arthritis, and forecast 2014 earnings in line with Wall Street estimates. The biggest US drugmaker said it earned $2.57bn in the fourth quarter. That compared with $6.32bn in the year-earlier quarter, when the company recorded a $4.8bn gain from selling its nutritional products business to Swiss food group Nestle. Global company revenue fell two per cent to $13.56bn.