Pfizer's profit rise disappoints

Shares in Pfizer have fallen 2.3% after its latest quarterly profits and earnings target for 2010 both failed to meet market expectations.

The world's largest drugmaker made a net profit of $767m (£481m) in the last three months of 2009, almost triple the $266m it made a year before.

The profits were lifted by Pfizer's $67bn purchase of fellow US pharmaceutical group Wyeth in October.

Revenues at the group were up 34% to $16.5bn.

Excluding one-off items, Pfizer's profits equate to 49 cents per share. Analysts had expected them to total 50 cents per share.

Pfizer said it expects profits of between $2.10 and $2.20 per share for 2010, below market expectations of $2.27 per share.

Its profits for the October to December quarter were much lower in 2008 when it had to pay $2.3bn to settle government allegations that it improperly marketed some of its drugs.

Pfizer is best known for being the producer of the erectile dysfunction drug Viagra.