Pfizer profit misses, 2010 view below forecast

Pfizer Inc on Wednesday posted fourth-quarter earnings slightly below analyst expectations and gave a full-year profit forecast below Wall Street forecasts, sending its shares almost 2 per cent lower. The world's biggest drugmaker said it earned $767m, or 10 cents per share, compared with $266m, or 4 cents per share, in the year-earlier period. Excluding special items, Pfizer earned 49 cents per share. Analysts on average had expected 50 cents per share, according to Thomson Reuters I/B/E/S. Pfizer revenue rose 34 per cent to $16.5bn, above Wall Street expectations of $15.9bn. Pfizer, which completed its $67bn purchase of Wyeth in October, said the results included 2.5 months of US Wyeth sales and 1.5 months of Wyeth overseas sales. The company said it expects full-year 2010 earnings of $2.10 per share to $2.20 per share. Analysts on average had expected $2.27 per share, according to Thomson Reuters I/B/E/S. Pfizer said the strengthening dollar will crimp earnings this year 6 cents per share more than it had expected.