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While ramped up expenses hurt Pfizer's fourth-quarter earnings, company CFO Frank D'Amelio says responsible spending is helping build demand for its products in developed and emerging markets.

Reuters [11] reports that Pfizer shares fell as much as 3.3% on Wednesday after fourth-quarter earnings failed to match analysts' forecasts and the company projected results this year and in 2012 below expectations -- losses that analysts blame on increased spending.

But D'Amelio believes the company's spending will pay off as it strives to expand deeper into existing markets and enter new ones. He says the the company reported very strong double-digit growth in Brazil, Russia, India and China.

"The most important thing is that we see opportunities to invest in the business," he told Reuters.

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