Pfizer Trims Guidance

Updated from 7:07 a.m. EDT

Pfizer(PFE) is reducing its full-year earnings guidance by 10 cents a share, citing the earlier-than-expected loss of exclusivity of the blood-pressure drug Norvasc.

The warning came Friday as Pfizer reported first-quarter earnings that beat Wall Street's expectations. Pfizer earned 68 cents a share, excluding one-time items, vs. the Wall Street consensus of 57 cents.

First-quarter revenue of $12.47 billion topped the average forecast of $11.77 billion by analysts polled by Thomson First Call.

Adding back one-time items, Pfizer earned $3.39 billion, or 48 cents a share, for the quarter ended March 31, down from a year-ago quarter profit of $4.11 billion, or 56 cents a share. First-quarter 2006 revenue was $11.74 billion.

Jeffrey Kindler, the chairman and CEO, told analysts that Pfizer's first-quarter performance was "solid" despite "disruptive" events, such as the Norvasc case, and uncertainty due to a patent challenge in Canada to Lipitor. The cholesterol-fighter is Pfizer's biggest drug. Norvasc is second in sales.

For 2007, Pfizer now expects earnings of $2.08 to $2.15 a share, excluding one-time items, on revenue of $47 billion to $48 billion. Analysts were looking for a profit of $2.17 a share for 2007on revenue of $48 billion.

Pfizer previously had forecast 2007 earnings of $2.18 to $2.25 a share, assuming that earnings would grown 6% to 9% over last year's EPS of $2.06.