Pfizer ( PFE) updated its revenue guidance for 2004 on Thursday, but the announcement was largely part of a verbal victory lap over its imminent inclusion in the Dow Jones Industrial Average.

The New York-based drugmaker -- the largest in the world after two big recent acquisitions -- said it expected $54 billion in revenue this year. That's unchanged from its January forecast and slightly above the consensus estimate of $53.07 billion, according to Thomson One Analytics. The company had $45.19 billion in revenue in 2003.

The company also said it plans to invest about $7.9 billion in research and development this year.

As for Pfizer's inclusion in the blue-chip average on April 8, the company said it was "very pleased." Pfizer will join rivals Merck ( MRK) and Johnson & Johnson ( JNJ) in the Dow 30.

Pfizer shares rose 59 cents, or 1.7%, to $35.64. Shares hit a 52-week high in early February.

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