Pharmaceutical giant Pfizer, Inc. (PFE) reported a rise in first-quarter 2013 net income attributable to the company to $2.75 billion, or $0.38 a share, from $1.79 billion, or $0.24 a share last year. On a non-GAAP basis, net profit attributable to Pfizer totaled $3.91 billion, or $0.54 a share for the latest period. On average, 17 analysts polled by Thomson Reuters expected earnings per share of $0.56 for the quarter. Analysts' estimates typically exclude one-time items.
The firm clocked revenues of $13.5 billion, down 9% from the previous year's $14.89 billion, while 15 analysts estimated revenues of $14.00 billion for the quarter.
In addition, the company has revised certain components of its 2013 guidance to reflect the impact of recent changes in foreign exchange rates and the initial public offering of a 19.8% ownership interest in Zoetis completed on February 6, 2013.
For 2013, the pharma giant now sees earnings per share between $1.44 and $1.59 on a reported basis, and $2.14 - $2.24 on an adjusted basis, with reported revenues currently estimated to lie between $55.3 billion and $57.3 billion. Analysts project full-year earnings of $2.28 per share, and revenue of $57.26 billion. Previously, Pfizer forecasted reported earnings per share of $1.50 to $1.65, adjusted earnings per share of $2.20 to $2.30 and revenues of $56.2 billion to $58.2 billion.
Pfizer said it continues to consolidate Zoetis, as it retains an 80.2% stake. The earnings attributable to the divested interest in Zoetis are excluded from adjusted and reported net income,effective February 7, 2013.
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