Pfizer Lowers 2013 Forecast After Sales Miss Estimates
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Pfizer Inc., the world’s biggest drugmaker, reduced its 2013 profit forecast after first-quarter sales missed analyst estimates. The shares had their worst one-day loss since August 2011.
Full-year earnings excluding one-time items may be $2.14 to $2.24 a share as foreign currency rates weigh on results, New York-based Pfizer said today in a statement. The forecast cuts by 6 cents the range provided by the company in January. First-quarter net income surged 53 percent to $2.75 billion, or 38 cents a share, from $1.79 billion, or 24 cents, a year earlier.