Reuters

(Reuters)

Pfizer's 4Q Earnings Beat, Outlook Misses

Industries Reuters

U.S. drugmaker Pfizer, which is in the process of buying Botox-maker Allergan Plc for $160 billion, reported better-than-expected quarterly revenue, helped by demand for its pneumonia vaccine and its Hospira acquisition.

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The company, however, provided full-year revenue and earnings forecasts below analysts' estimates, citing generic competition and a strong dollar.

Revenue rose 7 percent to $14.05 billion in the fourth quarter, ahead of the average analyst estimate of $13.56 billion, according to Thomson Reuters I/B/E/S.

However, net income fell to $613 million, or 10 cents per share, from $1.23 billion, or 19 cents per share, a year earlier.

On an adjusted basis, the company earned 53 cents per share, above analysts' average estimate of 52 cents.

The company agreed to buy Allergan last year in a deal that will slash its tax rate. The deal, which will shift Pfizer's headquarters to Dublin, is slated to close in the second half of 2016.

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Pfizer said it expects reported revenue of $49 billion-$51 billion for 2016 and adjusted earnings of $2.20-$2.30 per share.

Analysts on average were expecting revenue of $52.49 billion and earnings of $2.36 per share.

(Reporting by Ankur Banerjee in Bengaluru; Editing by Anil D'Silva and Sriraj Kalluvila)