Pfizer Q1 profit up, but drugmaker cuts outlook

Associated Press SHARE

NEW YORK (AP) — Pfizer Inc. says first-quarter net income rose 53 percent despite generic-drug competition reducing sales. Pfizer benefited from a one-time gain compared with a quarter last year that was weighed down by legal and other charges.

Results fell short of Wall Street expectations, and Pfizer lowered its 2013 profit forecast by 6 cents to $2.14 to $2.24 per share.

The drugmaker says net income was $2.75 billion, or 38 cents per share, down from $1.79 billion, or 28 cents per share, a year earlier.

Excluding one-time items, adjusted income was 54 cents per share.

Revenue was $13.5 billion, down 9 percent from $14.89 billion a year earlier.

Analysts surveyed by FactSet, on average, expected adjusted earnings of 55 cents per share and sales of $13.99 billion.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.