Pfizer Inc. profit falls 15 percent to $2.33B in Q1

Nathan Andrada – Fourth Estate Cooperative Contributor

New York, NY, United States (4E) – Pfizer Inc. reported a 15 percent decline in first-quarter profit due to weaker revenue at the drug maker’s two biggest businesses.

For the latest quarter, Pfizer said profit was $2.33bn, or 36 cents per share, compared with $2.75bn, or 38 cents per share, a year ago. Stripping out purchase-accounting adjustments and some items, earnings climbed to 57 cents per share from 51 cents.

Revenue shrank 8.5 percent to $11.35bn. Adjusted revenue, which excludes restructuring-related charges and other special items, dropped 9 percent to $11.3bn.

Analysts forecast earnings of 55 cents per share and revenue of $12.08bn.

The drug maker did not offer a comment in its press release about its approach of UK-based pharmaceutical company AstraZeneca PLC, but it noted that due to the U.K. Takeover Code, Pfizer is not allowed to confirm or update its bottom-line per-share profit guidance for 2014. However, the company confirmed its adjusted revenue and adjusted earnings guidance for this year.

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