Pfizer Inc. (NYSE:PFE) rolled with the punches in the fourth quarter, delivering results that beat Wall Street forecasts by one penny. Still, the drugmaker is far from out of the woods.

The drugmaker said fourth quarter earnings were $9.45 billion, or $1.32 per share, versus $2.73 billion, or 37 cents per share, a year earlier, buoyed by the sale of its consumer business to Johnson & Johnson (NYSE:JNJ) . Excluding some costs, profit was 43 cents, beating the 42-cent average estimate of analysts polled by Thomson Financial. Revenue was $12.66 billion little changed from a year earlier.

Sales the anti-cholesterol drug Lipitor, which Bloomberg News says accounts for almost half the company's profit, fell to $3.34 billion. Sales of the anti-depressant Zoloft also fell because it's no competing against lower-cost generics.

Investors were relieved that the numbers weren't any worse and sent the stock up in pre-market trading.

"In the face of many challenges in 2006, we substantially achieved a number of financial targets that we set early in the year," said Pfizer Chairman and Chief Executive Officer Jeffrey B. Kindler in a press release. The company added that it achieved its full-year financial goals including earnings per share of $2.06.

Wall Street is split about the prospects of the New York-based drugmaker.

Eight analysts rate the stock either a strong buy or a buy. Fifteen consider it a hold and one a sell, according to Thomson Financial. Their median target price is $28.

Kindler is expected to announce details of a cost-cutting plan for the company, which could involve several thousand job cuts and a new development and marketing plan, according to the Wall Street Journal. (subscription required). Investors are also awaiting word on the company's 2007 forecast.

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