Pfizer (PFE - Get Report)  missed fourth-quarter earnings estimates and forecast sales in 2017 below analysts' projections.

Adjusted earnings for the three months ended in December came in at 47 cents a share, shy of analysts' forecasts of 50 cents. Revenue for the period was $13.6 billion, a figure that was largely in-line with analysts' estimates.

"I was pleased with the company's overall performance during 2016 and believe both of our businesses executed well despite a challenging operating environment," said CEO Ian Read. "We generated attractive operational revenue and earnings growth driven by our major products within both the Innovative Health and Essential Health businesses." 

"We are operating with a highly focused business structure and management team, providing us with the best opportunity to generate attractive operating revenue and earnings growth as demonstrated by our 2017 financial guidance," Read added.

Pfizer sees full-year 2017 revenue of between $52 billion and $54 billion and adjusted earnings of between $2.50 to $2.60 a share. Analysts surveyed by FactSet expect earnings of $2.59 a share on revenue of $54.5 billion.

The company's Innovative Health unit generated $7.7 billion in fourth-quarter revenue, little changed from the same period last year, while its Essential Health division generated top-line sales of $5.9 billion, an 8% decline from the fourth quarter of 2015.

"Our 2017 financial guidance at the midpoint of our ranges implies revenues slightly above 2016 and a 6% increase to adjusted diluted EPS compared to 2016 results," Pfizer said. "We expect to achieve this despite absorbing revenue headwinds totaling $4.5 billion, comprised of $2.4 billion resulting from anticipated generic competition, $1.2 billion due to the pending disposition of HIS and $0.9 billion due to adverse changes in foreign exchange rates since 2016."

Pfizer shares were down 1.3% in premarket trading on Tuesday.