Pfizer Posts Upbeat Q1 Results, But Lowers FY Forecast

reported better-than-expected results for the first quarter on Tuesday, but the company lowered its guidance for the full year. The New York-based company posted quarterly net income of $2.376 billion, or $0.38 per share, compared to $2.329 billion, or $0.36 per share, in the year-ago quarter. Its adjusted earnings came in at $0.51 per share in the latest quarter. Its revenue declined to $10.9 billion from $11.4 billion. However, analysts were expecting a profit of $0.49 per share on revenue of $10.72 billion. Revenue for the Innovative Products business climbed 16 percent operationally. During the quarter, the company repurchased $6.0 billion of common stock. The average estimate among 38 Estimize users was for earnings of $0.51 per share and revenue of $10.94 billion. Ian Read, Chairman and Chief Executive Officer, stated, "We began the year with good performance on both the top and bottom line and I believe the company is well-positioned in terms of in-line products, recent product launches, geographic reach and product pipeline." Pfizer now expects full-year adjusted earnings of $1.95 to $2.05 per share, on revenue of $44.0 billion to $46.0 billion. The company had earlier expected earnings of $2.00 to $2.10 per share, on revenue of $44.5 billion to $46.5 billion. Pfizer shares fell 0.23 percent to $34.51 in pre-market trading.