Updated from Oct 10
shares were slightly higher late Monday after the drugmaker said Friday that it expects 2004's full-year earnings to come in between $2.12 and $2.14 per share.
Shares were up 35 cents, or 1.17%, to $30.14 with two hours left in
The EPS range is a widening of an earlier estimate by the drugmaker, which previously had forecast earnings of $2.13 per share. Consensus estimates gathered by Thomson First Call called for EPS of $2.12.
The New York-based Pfizer gave its expanded earnings range in an announcement Friday that its Greenstone unit would begin developing a generic version of the company's epilepsy drug gabapentin, branded Neurontin. Earlier Friday,
had announced that they would begin selling their own generic version of the drug, "despite the fact that Pfizer's motion for a preliminary injunction
against its sale is still pending" before a U.S. District Court judge in New Jersey, according to Pfizer's release.
Neurontin's 2003 sales made up $2.7 billion of Pfizer's total $45.19 billion in annual sales.
Pfizer also cited changes in the arthritis drug market as a reason for the update to guidance. Recently,
recalled its Vioxx arthritis and pain drug because of it may increase risk of heart attack and stroke. Former Vioxx users are expected to flock to Pfizer's rival arthritis drug, Celebrex.
Pfizer shares rose a penny to $29.81 in the premarket.