"Feb. 3 (Bloomberg) -- Pfizer Inc., the world’s biggest drugmaker, said fourth-quarter profit missed analyst estimates on higher costs from its acquisition of Wyeth. The company also forecast lower-than-expected earnings for 2010.
Net income more than doubled to $767 million, or 10 cents a share, from a year earlier, when results were hurt by a $2.3 billion legal settlement related to the marketing of the Bextra pain killer, the New York-based drugmaker said today in a statement. Earnings excluding one-time items were 49 cents a share, falling 2 cents short of the average estimate of 14 analysts surveyed by Bloomberg.
Pfizer forecast 2010 profit excluding certain items of $2.10 to $2.20, below the average estimate of 17 analysts surveyed by Bloomberg. Pfizer completed its $68 billion acquisition of Wyeth in October to help replace the $12 billion in revenue that will be lost when its top-selling Lipitor cholesterol pill faces generic competition next year. Pfizer is cutting costs by firing about 19,000 workers and closing manufacturing plants and six research centers.
“Overall it is a bit of a disappointment at the initial look,” said Seamus Fernandez an analyst with Leerink Swaan & Co. in a telephone interview. “With 2010 coming in below and 2012 also being lowered from initial targets, this is obviously not going to generate a lot of enthusiasm.” |
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