By Chelsey Dulaney
Pfizer Inc. trimmed its full-year outlook on Tuesday amid a
stronger U.S. dollar and weaker euro, though the pharmaceutical
giant posted better-than-expected results in the first quarter on
the strength of its new products.
For the year, the company now expects per-share earnings between
$1.95 and $2.05, down from its previous guidance of $2 to $2.10. It
lowered its revenue forecast to $44 billion to $46 billion from its
previous forecast of $44.5 billion to $46.5 billion.
Pfizer has had to combat a wave of patent expirations weighing
on sales, while a stronger dollar also has hurt results. The
company has forged development partnerships and sought to make
deals in a busy time for pharmaceutical mergers and
acquisitions.
In February, Pfizer agreed to buy Hospira Inc., a maker of
injectable drugs and infusion technologies, for about $16 billion.
Hospira Inc. on Tuesday reported sharply better-than-expected
profit in its first quarter as its injectable drugs continued to
drive growth.
For the first quarter, Pfizer posted a profit of $2.4 billion,
or 38 cents a share, up from $2.3 billion, or 36 cents a share, in
the prior-year period. Excluding certain items, per-share earnings
were 51 cents.
Revenue fell 4.3% to $10.86 billion.
Analysts polled by Thomson Reuters had projected 49 cents a
share and $10.7 billion in revenue.
Established products revenue fell 16% to $5.01 billion in the
quarter, as Pfizer lost exclusivity and faced increased generic
competition for drugs including Celebrex, Zyvox IV and Lyrica.
Meanwhile, its innovative products revenue grew 9.3% to $5.74
billion on a 44% surge in global vaccines revenue. Oncology
revenues grew 8.2% to $528 million, while consumer health care
revenue grew 6.2% to $808 million.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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