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Pfizer Hits Earnings Estimates but Forecasts Revenue Shortfall

The dollar's strength and other factors will cut $1 billion from full-year revenue, the company says.
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Pfizer

(PFE) - Get Report

Tuesday reported third-quarter earnings of 27 cents a share, beating the 25-cent

First Call/Thomson Financial

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estimate and last year's 21 cents.

Third-quarter revenue came in at $7.2 billion, a 7% gain over the previous year. Sales of the company's drugs, which include the cholesterol fighter Lipitor, anti-arthritis treatment Celebrex and the much-joked-about Viagra, rose 12% during the quarter.

Pfizer also said full-year earnings would meet analysts' expectations, but the company forecast a $1 billion reduction in revenue, stemming from currency weakness and other factors. Pfizer said full-year revenue would come in at $30 billion.