Pfizer reports $11 billion gain from new tax law

(Reuters) - Pfizer Inc's quarterly profit jumped almost 16 times compared to a year ago on Tuesday, as the largest U.S. drugmaker booked an $11 billion gain from the new tax law.

The company 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.

The drugmaker said it gained $11.34 billion from the new tax law, signed into law by President Donald Trump last month.

Revenue rose to $13.70 billion from $13.63 billion.

(Reporting by Divya Grover in Bengaluru; Editing by Sriraj Kalluvila)