Dollar strength was one of the reasons given as Pfizer Inc (NYSE: PFE) revealed a reduction in the fourth quarter financials.
The drug Viagra and Lyrica maker generated US$13.6bn of revenue, down 3% compared to US$14bn in the same three months of 2015.
Over the full year revenues amounted to US$52.8bn which was an 11% increase from US$48.8bn.
“Pfizer-standalone revenues in 2016 grew 5% operationally, excluding the impact of foreign exchange as well as legacy Hospira and legacy Medivation operations, reflecting solid underlying growth despite significant headwinds from product losses of exclusivity and the decline in revenues for Prevnar 13 Adult in the US,” said chief financial officer Frank D’Amelio.
Meanwhile, chief executive Ian Read added: “I was pleased with the company’s overall performance during 2016 and believe both of our businesses executed well despite a challenging operating environment.
“We generated attractive operational revenue and earnings growth driven by our major products within both the Innovative Health and Essential Health businesses.”