UPDATE: Pfizer Posts Better-Than-Expected Q4 Earnings, But Issues Weak Outlook

Shares of

dropped more than 2% in pre-market trading after the company issued a weak 2015 forecast. However, the company reported stronger-than-expected results for the fourth quarter. For 2015, Pfizer projects adjusted earnings of $2 to $2.10 per share on revenue of $44.5 billion to $46.5 billion. Analysts expected earnings of $2.16 per share on revenue of $47.4 billion. The company expects adjusted earnings, excluding Opko transaction, of $2.20 to $2.30 per share on sales, excluding Opko, of $47.3 billion to $49.3 billion. The New York-based company posted quarterly net earnings of $1.23 billion, or $0.19 per share, compared to $2.57 billion, or $0.39 per share, in the year-ago period. Excluding non-recurring items, the company earned $0.54 per share. Its sales shrank 3% to $13.12 billion. However, analysts were projecting earnings of $0.53 per share on sales of $12.9 billion. Pfizer repurchased $1.2 billion of common stock in the fourth quarter. Ian Read, Chairman and Chief Executive Officer, stated, “During 2014, despite significant continued revenue headwinds from product losses of exclusivity and co-promote expiries, we were able to deliver modest adjusted diluted EPS growth. This was achieved through a combination of incremental revenue generation from key in-line products and recent product launches, responsible expense management as well as supportive capital allocation.” Pfizer shares declined 2.29% to $32.05 in pre-market trading.