Pfizer falls short, trims 2013 profit view

Tuesday, April 30th, 2013 | Finance News

(Reuters) - Pfizer Inc reported lower-than-expected quarterly earnings and revenue and the largest U.S. drugmaker trimmed its full-year profit outlook, sending shares down 5 percent in premarket trading.

The company said on Tuesday it earned $2.75 billion, or 38 cents per share, in the first quarter. That compared with $1.79 billion, or 24 cents per share, in the year-earlier period, when Pfizer took charges to boost productivity and address legal matters.

Excluding special items, Pfizer earned 54 cents per share. Analysts, on average, expected 55 cents per share.

Global revenue fell 9 percent to $13.5 billion, below Wall Street expectations of $13.99 billion, hurt by wholesaler purchasing patterns that led to lower demand for its Prevnar vaccines against pneumococcal bacteria.

Pfizer expects full-year 2013 earnings of $2.14 to $2.24 per share, down from its previous forecast of $2.20 to $2.30. It noted that the falling Japanese yen was hurting company sales in that important market.

The stock dropped nearly 5 percent to $29.01 in premarket trading.

(Reporting by Ransdell Pierson; Editing by Lisa Von Ahn and Jeffrey Benkoe)

Source