Pfizer results disappoint investors

Pfizer, which has about 5,000 employees across 13 locations in Cork, Dublin, Kildare, Limerick, and Sligo, saw its shares fall…

Pfizer, which has about 5,000 employees across 13 locations in Cork, Dublin, Kildare, Limerick, and Sligo, saw its shares fall by almost 2 per cent after publishing its latest results.

The pharmaceutical giant posted fourth-quarter earnings which were slightly below analyst expectations and gave a full-year profit forecast that was below Wall Street forecasts.

The world's biggest drugmaker said it earned $767 million, or 10 cents per share, compared with $266 million, 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.

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Pfizer revenue rose 34 per cent to $16.5 billion, above Wall Street expectations of $15.9 billion.

The company, which completed its $67 billion 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. Pfizer said the strengthening dollar will crimp earnings this year 6 cents per share more than it had expected.