Why Pfizer (PFE) Stock Is Down Today

NEW YORK (TheStreet) -- Pfizer  (PFE) fell Monday after the pharmaceutical company reported revenue that was well short of analysts' expectations in its first-quarter report.

Pfizer reported revenue fell 9% year over year to $11.35 billion, which came up $730 million short of analysts' estimates, according to Reuters. The largest U.S. drugmaker earned $2.33 billion, or 36 cents a share, down from $2.75 billion, or 38 cents a share, in the same period one year earlier, which factored in gains from product rights transfers.

Pfizer reported earnings of 57 cents a share, excluding items. Analysts polled by Thomson Reuters I/B/E/S expected 55 cents a share.

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The company expects adjusted earnings for the full-year 2014 of $2.20 to $2.30 per share.

Pfizer is continuing its takeover pursuit of rival AstraZeneca AZN with a $106 billion bid.

The stock closed down 2.57%, or 79 cents, to $29.96 on Monday.

PFE Chart

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