U.S. drugmaker Pfizer Inc., which is in the process of buying Botox-maker Allergan for $160 billion, reported better-than-expected quarterly revenue, helped by demand for its pneumonia vaccine and its Hospira acquisition.
The company, however, provided full-year revenue and earnings forecasts below analysts' estimates, citing generic competition and a strong dollar.
Revenue rose 7 percent to $14.05 billion in the fourth quarter, ahead of the average analyst estimate of $13.56 billion, according to Thomson Reuters.
However, net income fell to $613 million, or 10 cents per share, from $1.23 billion, or 19 cents per share, a year earlier.
On an adjusted basis, the company earned 53 cents per share, above analysts' average estimate of 52 cents.
The company agreed to buy Allergan last year in a deal that will slash its tax rate. The deal, which will shift Pfizer's headquarters to Dublin, is slated to close in the second half of 2016.
Pfizer said it expects reported revenue of $49 billion-$51 billion for 2016 and adjusted earnings of $2.20-$2.30 per share.
Analysts on average were expecting revenue of $52.49 billion and earnings of $2.36 per share.