Updated from 9:03 a.m. EDT

Pfizer ( PFE) said it expects earnings and revenue in 2004 to come in ahead of Wall Street's estimates, but the company tempered its outlook for this year.

The pharmaceutical company, which is holding a meeting with analysts Tuesday, forecast $54 billion in revenue for 2004. The company also predicted earnings of $2.13 a share.

On average, analysts polled by Thomson First Call expect revenue of $52.4 billion and a profit of $2.06 per share next year. The company's forecast was contained in a filing with the Securities and Exchange Commission.

Pfizer said it now expects to earn $1.73 a share this year as a result of working down excess Pharmacia inventory, which will lower profits by 7 cents. Excluding that item, the company said it should earn $1.80.

For 2003, analysts are looking for earnings of $1.76 and a top line of $47 billion.

Pfizer completed the acquisition of Pharmacia in April. The companies had combined revenue of about $45 billion for 2002. Pfizer said its 2004 estimates represent 10% compound annual revenue growth and 16% compound annual earnings growth from the 2002 results.

Shares of Pfizer were gaining $1.40, or 4%, to $36 in recent New York Stock Exchange trading.

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