Pfizer Inc. saw its fourth-quarter 2016 adjusted income decline year over year, though full-year results were an increase on those recorded in 2015.

Fourth-quarter 2016 adjusted income was down 12% to $2.89 billion, or 47 cents per share, from $3.31 billion, or 53 cents per share, in the closing months of 2015.

The S&P Capital IQ normalized EPS consensus estimate for the fourth quarter was 51 cents.

Pfizer posted reported net income of $775 million, or 13 cents per share, for the fourth quarter of 2016, compared to a loss of $172 million, or 3 cents per share, in the 2015 fourth quarter.

Fourth-quarter 2016 revenues were down 3% year over year to $13.63 billion.

For the year, Pfizer posted $14.76 billion, or $2.40 per share, in adjusted income, an increase from $13.76 billion, or $2.20 per share, in 2015. Reported net income also increased to $7.22 billion, or $1.17 per share, from $6.96 billion, or $1.11 per share, in 2015.

The S&P Capital IQ normalized EPS consensus estimate for 2016 was $2.41.

Pfizer's full-year 2016 revenues were up 8% year over year to $52.82 billion.

The company expects to see $2.50 to $2.60 in adjusted EPS during 2017. The S&P Capital IQ normalized EPS consensus estimate for 2017 is $2.56.