expects growth of 25% or more in full-year earnings per share through 2002, but indicated that the effects of foreign currency translation may lead revenue for this year to fall short of estimates.
The pharmaceutical company, which is based in New York, said it "remains comfortable" with Wall Street's earnings estimate of $1.01 a share for 2000. The company earned 82 cents a share in 1999. For 2001, the company expects to meet "or better" earnings of $1.27 a share, while it sees at least $1.56 a share for earnings in 2002. Analysts polled by
First Call/Thomson Financial
forecast earnings of $1.30 a share in 2001 and $1.59 a share in 2002.
Pfizer also said total revenue in 2000 will be about $29.5 billion, with strong double-digit operational growth in human pharmaceuticals. Still, currency effects will reduce full-year revenue by more than $600 million. The company also said revenue would be hurt by weakness in its animal health and consumer products businesses and the withdrawal of its drug Rezulin. Analysts expect sales in 2000 of about $29.9 billion, compared with $27.6 billion in 1999.
Pfizer, which expects to seek approval for at least six new drugs from regulatory authorities worldwide over the next two years, also forecast full-year revenue for the global pharmaceutical business of about $23 billion in 2000.
Separately, Pfizer said U.S. regulators recently asked the company to conduct an additional safety study of Relpax, an experimental treatment for migraine headaches that is currently awaiting
Food and Drug Administration
Shares of Pfizer recently gained 69 cents, or 1.6%, to $44.19 in trading on the
New York Stock Exchange