Pfizer 4Q Net Doubles; Earnings View Below Street

Pfizer Inc.'s (PFE) fourth-quarter earnings more than doubled from a year-earlier profit that was damped by a legal settlement, while the acquisition of Wyeth helped push sales up 34%.

But while the New York-based drug giant predicted growth in sales and adjusted earnings for 2010, the earnings outlook fell short of Wall Street expectations. Pfizer also lowered the 2012 financial targets it provided last year in conjunction with the Wyeth deal.

"We think the Street will be a bit disappointed, but we think half a quarter is not enough time to judge the success of the now-combined" companies, Miller Tabak analyst Les Funtleyder wrote in a note to clients.

Read Full Article from Wall Street Journal

- Posted: 2010-02-03 11:45:57

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