UPDATE: Pfizer Posts 53% Rise In Q1 Earnings, Lowers 2013 View

Pfizer PFE reported a 53% rise in its first-quarter earnings and lowered its 2013 forecast. For the year, Pfizer now expects earnings of $2.14 to $2.24 per share on revenue of $55.3 billion to $57.3 billion. The company had earlier expected earnings of $2.20 to $2.30 per share on revenue of $56.2 billion to $58.2 billion. Pfizer's quarterly profit surged to $2.75 billion, or $0.38 per share, from $1.79 billion, or $0.24 per share, in the year-ago period. Excluding one-time items, its adjusted earnings from continuing operations came in at $0.54 per share. Its revenue fell 9.3% to $13.5 billion. However, analysts were expecting earnings of $0.55 per share on revenue of $13.99 billion. Pfizer shares dropped 4.47% to $29.07 in pre-market trading.