Pfizer's Quarter Is Soft

Updated from 9:26 a.m. EST

Pfizer's(PFE Quote) fourth-quarter earnings more than quadrupled from a year ago, lifted by a 7% revenue increase and fewer charges in the latest quarter. The company stood by its embattled Celebrex and Bextra treatments, both of which saw sales rise sharply in the quarter.

The financial results, however, didn't persuade investors, as the stock slipped 31 cents, or 1.2%, to $24.99. That's $3 off the company's 52-week low. No doubt, investors were discouraged by executives' comments that Pfizer would not provide guidance for 2005 until April 5.

The absence of guidance extends to Celebrex and Bextra, whose sales, analysts say, are expected to decline significantly this year. Hank McKinnell, the chairman and CEO, said Pfizer needed at least another month's worth of data on prescription trends to get a better feel for how the year will proceed. Estimating the drugs' prospects also depends on a decision by the Food and Drug Administration on the suitability of these drugs and other arthritis drugs known as COX-2 inhibitors. ...