NEW YORK (TheStreet) -- Pfizer (PFE) - Get Report reaffirmed its full-year guidance after beating first-quarter targets, but lowered its 2012 revenue guidance to reflect the impact of recently enacted U.S. health care legislation.
Pfizer said it expects full-year adjusted earnings of $2.10 to $2.20 a share, compared with the average analyst estimate of $2.18, and revenue of $67 billion to $69 billion. The company is reducing its targeted revenue range for 2012 by $800 million to between $65.2 billion and $67.7 billion to reflect the anticipated financial impact of the health care changes.
For 2012, Pfizer is expecting adjusted earnings of between $2.25 and $2.35 a share.
During the first quarter, the company reported net income fell 26% to $2.026 billion, or 25 cents a share. Adjusted earnings were 60 cents a share.
Revenue rose 54% to $16.8 billion, favorably impacted by the addition of the legacy
products and foreign exchange, but unfavorably impacted by legacy Pfizer products. They also reflect a reduction of $56 million due to the recently enacted U.S. health care legislation.
The consensus earnings estimate for the quarter was 53 cents a share on revenue of $16.58 billion.
-- Reported by Andrea Tse in New York
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