Pfizer’s income for 1987 reached an all-time...

Pfizer’s income for 1987 reached an all-time high of $690.2 million, up 5% from 1986. Full-year 1987 sales rose 10% to $4.920 billion. Fourth-quarter sales also rose 10% to $1.275 billion, but net income decreased 14% to $136.6 million. The New York firm said the fourth-quarter profit drop was because of several factors, including slow sales growth in pharmaceuticals, heavy investment in research and development, and increased marketing costs to launch new products.