Pfizer Reiterates Profit Guidance, Gets Subpoena - TheStreet

Pfizer Reiterates Profit Guidance, Gets Subpoena

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Pfizer

(PFE) - Get Report

reiterated its 2001 and 2002 profit guidance and was reportedly subpoenaed by the federal government to hand over information on drug prices.

The pharmaceuticals giant repeated profit estimates it released a month ago, saying it still expects to earn $1.56 to $1.60 a share this year, excluding items. For 2001, the company expects to earn at least $1.30 a share; analysts were forecasting earnings of $1.31.

The company sees 2002 revenue growing in the double digits and per-share earnings growth of 15% in 2003 and 2004.

The subpoena was issued after Pfizer refused to voluntarily comply with a General Accounting Office request that it turn over information in an investigation into the prices Medicaid pays for drugs, according to

The Wall Street Journal

. It cited potential competitive threats. Ten other drug companies have complied with the request, the paper reported.