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Pfizer's Adjusted Profit Beats Estimates

NEW YORK ( TheStreet) -- Pfizer (PFE - Get Report) said adjusted earnings in the second quarter were 60 cents a share, and the drugmaker was sticking with its 2011 forecast for earnings of $2.16 to $2.26 a share.

Pfizer earned $2.61 billion, or 33 cents a share, in the quarter, up 5% from year-earlier earnings of $2.48 billion, or 31 cents a share.

Adjusted earnings of 60 cents topped analysts' estimates of 59 cents a share. The adjusted number excludes the Capsugel business, which was sold by Pfizer.

Revenue fell to $16.98 billion from $17.1 billion. Analysts were expecting revenue of $16.98 billion.

U.S. revenue was $6.7 billion, a decrease of 9% from the year-earlier quarter. International revenue was $10.3 billion, up 5%.

Pfizer said Tuesday it was sticking with its forecast for 2011 adjusted earnings of $2.16 to $2.26 a share. Analysts forecast earnings of $2.25 a share.

-- Written by Joseph Woelfel

>To contact the writer of this article, click here: Joseph Woelfel

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