Pfizer Earnings Squeak By Forecasts

Pfizer's(PFE Quote) second-quarter earnings topped the estimates of analysts on an adjusted basis as the results were impacted by foreign exchange and costs from the pending acquisition of Wyeth(symbol Quote).

Adjusted second-quarter earnings were $3.25 billion, or 48 cents a share, compared with $3.7 billion, or 55 cents a share a year earlier. Analysts surveyed by Thomson Reuters were expecting earnings of 47 cents a share.

Revenue in the quarter fell 9% to nearly $11 billion from $12.13 billion a year earlier. Pfizer said Wednesday that foreign exchange unfavorably impacted revenue by about $1.1 billion, or 9%. U.S. revenue in the period fell 5% to $4.5 billion, while international revenue declined by 12%.

Reported earnings in the quarter were $2.26 billion, or 34 cents a share, a decrease from $2.78 billion, or 41 cents a share, a year earlier.

The company raised its 2009 adjusted earnings guidance to $1.90 to $2 a share from a previous forecast of $1.85 to $1.95 a share. Analysts expect earnings of $1.96 a share.