Pfizer's 2010 Forecast Below Estimates
(Pfizer earnings reporter article updated with additional earnings details.)
NEW YORK (
) --
Pfizer
(PFE) - Get Report
said fourth-quarter earnings fell on an adjusted basis -- a penny shy of estimates -- and has updated its full-year guidance.
Pfizer reported fourth-quarter net income of $767 million, or 10 cents a share, compared with net income of $266 million, or 4 cents a share during the same period last year. Adjusted earnings were 49 cents a share compared with 65 cents a year ago. Analysts polled by Thomson Reuters expected earnings of 50 cents a share.
The company reported fourth-quarter revenue of $16.5 billion, or 34% higher than a year ago. A poll by Thomson Reuters found analysts expected revenue of $15.88 billion.
Pfizer noted that on October 15, 2009 it completed the acquisition of
Wyeth
and, consequently, fourth-quarter and full-year 2009 results include the legacy Wyeth operations from the acquisition date through Pfizer's domestic and international year-ends.
Revenues for the fourth quarter compared with the year-ago quarter were favorably impacted by the addition of the legacy Wyeth products, legacy Pfizer products and foreign exchange, the company said.
Pfizer said it sees 2010 revenue of $67 billion to $69 billion in reported revenue and adjusted earnings of $2.10 to $2.20 a share. A survey by Thomson Reuters found analysts expect full-year earnings of $2.27 a share on revenue of $67.47 billion.
Pfizer says that these updated 2010 financial targets reflect the impact of the completed and pending divestitures of animal health assets as required by regulatory authorities in connection with their approvals of the Wyeth acquisition, the shift in revenues for HIV products to the joint venture with
GlaxoSmithKline
(GSK) - Get Report
and the elimination of Relistor revenues due to Wyeth's return of its rights to the licensor, which in the aggregate reduced the revenue target by about $1.5 billion.
-- Reported by Andrea Tse in New York
>>See our new stock quote page.
Follow TheStreet.com on
and become a fan on
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.