Pfizer's Streak Is Six

Merrill Lynch analyst David R. Risinger, who has a buy recommendation, told clients Tuesday that he was raising his full year EPS estimate to $2.13 -- in line with company guidance -- from $2.06.

Risinger said his action reflects a belief that the epilepsy drug Neurontin will be attacked by generic competition later rather than sooner. Pfizer is fighting in court over a patent challenge by Ivax. Risinger had been predicting generic competition by this July, but he said the legal process is moving slowly enough for him to now forecast that a generic drug won't be available until early next year. (He doesn't own shares; his firm has had an investment banking relationship with Pfizer in the last 12 months).

Neurontin produced $2.7 billion in worldwide sales -- including $2.2 billion in the U.S. -- last year. For the first quarter of 2004, Neurontin's worldwide sales rose 12% to $696 million, with the U.S. component gaining 9% to $570 million.

Pfizer's stock was down 48 cents, or 1.3%, to $37.10.

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