Pfizer Bumps Up Forecast

Updated from 3:10 p.m. EST

Pfizer(PFE Quote) nudged up its earnings forecast Thursday, saying it will wring a bit more profit out of its business this year than the drug giant had previously expected.

The company raised its earnings prediction to at least $2.05 a share, before items, from the prior estimate of about $2. Pfizer attributed the revised outlook to a "favorable trend in revenues and lower costs" in the fourth quarter.

On average, analysts polled by Thomson First Call had forecast $2.02, excluding one-time items. Pfizer said full-year earnings should be no less than $1.68 a share when all items are counted. ...