Pfizer Inc. offered a rosy outlook for the year, outlining the benefits from the new U.S. tax law and casting the Amazon.com Inc. -led partnership to lower health-care costs as positive for the drug industry.

New York-based Pfizer reported for the fourth quarter a profit of $12.27 billion, or $2.02 a share, up from $775 million, or 13 cents a share, a year earlier. The big gain came largely from a $10.7 billion benefit from the revaluation of deferred tax liabilities.

Under the new U.S. tax law, the drug company must pay a tax of $15 billion over the next eight years on its overseas earnings. Yet executives described the impact from the tax changes overall as positive, starting with Pfizer’s effective tax rate dropping 6 percentage points to 17%.

The tax law “helps level the playing field to make U.S. companies more competitive,” Pfizer Chief Executive Ian Read said in a call with analysts and investors.

As a result of savings from the tax changes, Pfizer made a $200 million contribution to the company’s charitable foundation in the fourth quarter, plans to pay $100 million in bonuses to employees and will make a $500 million contribution to its U.S. pension plan by the end of September.