Pfizer Reports $11 Billion Tax Gain

(Reuters) - Pfizer Inc (PFE.N) beat analysts’ estimate for adjusted profit on Tuesday, helped by strong demand for its pneumonia vaccine Prevnar and breast cancer drug Ibrance, while also reporting an $11 billion gain from the new tax law. Shares of Pfizer, which forecast full-year earnings and revenue well ahead of Street estimates, rose 1.4 percent to $39.60 premarket. Pfizer said its net income surged to $12.27 billion, or $2.02 per share, in the fourth quarter, from $775 million, or 13 cents per share, a year earlier.