Pfizer Trims Outlook on Stronger Dollar -- Update

By Chelsey Dulaney 

Pfizer Inc. trimmed its full-year outlook on Tuesday amid a stronger U.S. dollar and weaker euro, though the pharmaceutical giant posted better-than-expected results in the first quarter on the strength of its new products.

For the year, the company now expects per-share earnings between $1.95 and $2.05, down from its previous guidance of $2 to $2.10. It lowered its revenue forecast to $44 billion to $46 billion from its previous forecast of $44.5 billion to $46.5 billion.

Pfizer has had to combat a wave of patent expirations weighing on sales, while a stronger dollar also has hurt results. The company has forged development partnerships and sought to make deals in a busy time for pharmaceutical mergers and acquisitions.

In February, Pfizer agreed to buy Hospira Inc., a maker of injectable drugs and infusion technologies, for about $16 billion. Hospira Inc. on Tuesday reported sharply better-than-expected profit in its first quarter as its injectable drugs continued to drive growth.

For the first quarter, Pfizer posted a profit of $2.4 billion, or 38 cents a share, up from $2.3 billion, or 36 cents a share, in the prior-year period. Excluding certain items, per-share earnings were 51 cents.

Revenue fell 4.3% to $10.86 billion.

Analysts polled by Thomson Reuters had projected 49 cents a share and $10.7 billion in revenue.

Established products revenue fell 16% to $5.01 billion in the quarter, as Pfizer lost exclusivity and faced increased generic competition for drugs including Celebrex, Zyvox IV and Lyrica.

Meanwhile, its innovative products revenue grew 9.3% to $5.74 billion on a 44% surge in global vaccines revenue. Oncology revenues grew 8.2% to $528 million, while consumer health care revenue grew 6.2% to $808 million.

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