This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Pfizer Falls After Reaching $68B Deal With Wyeth

Pfizer also said it plans to cut its workforce by about 10%, reduce the number of manufacturing sites to 41 from 46, and slash its dividend. The drugmaker also cut its forecast for 2009 earnings.

Revenue in the fourth quarter fell 4% to $12.4 billion from $12.9 billion a year earlier.

Excluding about $2.3 billion in legal charges for investigations into off-label marketing practices, profit rose to 65 cents a share, Pfizer said, topping the estimate of analysts surveyed by Thomson Reuters of 59 cents a share.

Wyeth also released its results, saying it earned 78 cents a share in the fourth quarter, before items were factored in. Revenue fell to $5.35 billion from $5.76 billion a year earlier. Analysts were expecting a profit of 79 cents a share and sales of $5.79 billion.

The news of the Wyeth agreement effectively puts an end to speculation that Pfizer might make a move on one of the big biotech companies such as Amgen (AMGN - Get Report), Biogen Idec (BIIB - Get Report) or Gilead (GILD - Get Report), but it will also likely keep M&A as a front-and-center topic in the drug sector.

Copyright 2008 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.
2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AMGN $162.21 -3.40%
BIIB $388.78 -3.20%
GILD $102.24 -1.40%
PFE $35.00 -0.77%
AAPL $132.74 1.90%

Markets

DOW 18,096.49 +16.35 0.09%
S&P 500 2,118.71 +1.02 0.05%
NASDAQ 5,086.8730 -5.2120 -0.10%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs