kept its adjusted earnings guidance intact, but the pharmaceuticals maker lowered its actual profit expectation for 2003, citing costs associated with the Pharmacia acquisition earlier this year.
The company now expects to earn 70 cents a share in 2003 and $1.77 a share in 2004 under generally accepted accounting principles. Pfizer previously expected to earn 86 cents a share in 2003.
Pfizer said the new GAAP profit outlook was a result of a change in the value attributable to purchased inventory in connection with the Pharmacia acquisition.
The company still believes adjusted earnings will total $1.73 a share in 2003 and $2.13 a share in 2004. On an adjusted basis, analysts polled by Thomson First Call are looking for earnings of $1.73 this year and $2.10 next year.
Shares of Pfizer closed Wednesday at $30.88 on the
New York Stock Exchange