Pfizer's Net Profits Decline 70%
NEW YORK (TheStreet) -- Pfizer (PFE) - Get Report said third-quarter net income fell 70% to $866 million, or 11 cents a share, from $2.9 billion, or 43 cents a share, a year earlier on various costs associated with its Wyeth acquisition.
Adjusted earnings for the quarter were 54 cents a share, which topped the consensus estimate of 51 cents.
Third-quarter revenue rose 39% to $16.2 billion from $11.6 billion in the year-ago quarter. The company said third-quarter revenue greatly benefited from legacy Wyeth products, but were hurt by legacy Pfizer products and foreign exchange headwinds, though the impact of the latter two were proportionally smaller than the first. Its U.S. segment experienced one of the biggest increases, up 48% from last year.
Analysts, on average, expected revenue of $16.69 billion.
Shares of Pfizer were flat at $17.63 in premarket trading Tuesday.
The company also hiked its 2010 per-share earnings forecast to between $2.17 and $2.22 from $2.10 to $2.20 previously, and lowered its revenue outlook to between $67 billion and $68 billion from $67 billion to $69 billion previously.
Analysts, on average, predict full-year earnings of $2.22 a share on revenue of $67.8 billion.
Pfizer reaffirmed its 2012 financial targets after reporting better-than-expected third-quarter earnings.
Pfizer predicts earnings per share of between $2.25 and $2.35 and revenue between $65.2 billion and $67.7 billion in 2012.
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