Pfizer beats 1Q profit forecasts

Health CareAssociated Press

Pfizer Inc. is reporting first-quarter net income of $3.12 billion.

The New York company had a profit of 51 cents per share. Earnings, adjusted for non-recurring costs, came to 69 cents per share.

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The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 67 cents per share.

The drugmaker posted revenue of $12.78 billion in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $13.04 billion.

Pfizer expects full-year earnings between $2.50 and $2.60 per share, with revenue between $52 billion and $54 billion.

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Keywords: Pfizer, Earnings Report, Priority Earnings