Pfizer's Streak Is Six

Updated from 8:13 a.m. EDT

Pfizer on Tuesday reported first-quarter financial results that topped Wall Street earnings estimates but fell slightly below the consensus view for revenue. The earnings performance exceeded analysts' consensus for the sixth consecutive quarter.

Calling the first quarter a "strong platform for growth," David Shedlarz, executive vice president and chief financial officer, said Pfizer was reiterating its full-year financial guidance of about $54 billion in revenue and net earnings -- excluding special charges -- of $16.3 billion, or $2.13 a share.

Two investment banking firms issuing early reports -- Morgan Stanley and Credit Suisse First Boston -- used the same headline ("Solid First Quarter") to describe Pfizer's performance.

For the first quarter, the company earned $3.98 billion, or 52 cents, on revenue of $12.49 billion.

The consensus view according to Thomson First Call was net earnings of $3.86 billion, or 51 cents a share, on sales of $12.65 billion.

For the same period last year, Pfizer earned $2.5 billion, or 41 cents a share, on revenue of $8.51 billion excluding one-time charges.

The above comparisons reflect what the company calls adjusted income and adjusted earnings per share that exclude discontinued operations, changes in accounting principles, acquisitions, merger costs and "certain significant items." Comparisons between the first quarters of 2004 and 2003 -- and the accounting of them -- were affected by Pfizer's acquisitions of Pharmacia and Esperion Therapeutics and the purchase of two animal health care businesses.

Without the above adjustments, Pfizer reported a 2004 first-quarter net income of $2.33 billion, or 30 cents a share, compared to last year's first quarter net income of $4.67 billion, or 76 cents a share.

Karen Katen, executive vice president of the company and president of Pfizer Global Pharmaceuticals, pointed out that 11 Pfizer drugs each produced sales of more than $250 million during the first quarter.