Pfizer (NYSE:PFE) beat the Street on Tuesday, revealing fourth-quarter profits that more than tripled and revenue that surpassed analysts’ forecasts.
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The world’s largest drug maker also trimmed its 2012 revenue guidance and unveiled plans to buy back an additional $5 billion of its stock, bringing its total remaining repurchase plans to $9 billion.
New York-based Pfizer said it earned $2.89 billion, or 36 cents a share, last quarter, compared with a profit of $767 million, or 10 cents a share, a year earlier. Excluding one-time items, it earned 47 cents a share, topping estimates by a penny.
Revenue rose 6.2% to $17.56 billion, exceeding the Street’s view of $16.96 billion.
“I am pleased with our solid financial performance again this quarter and this year despite continued challenging market conditions,” CEO Ian Read said in a statement.
Looking ahead, Pfizer said it expects 2012 revenue to range between $63 billion and $65.5 billion, which would come in well shy of consensus calls for $66.80 billion. Pfizer blamed the new guidance on excluding the “projected contribution from future business development transactions.”
Previously, Pfizer forecasted revenue of $65.2 billion to $67.7 billion.
However, Pfizer said it still sees non-GAAP EPS of $2.25 to $2.35 for 2012, the midpoint of which would meet forecasts from analysts for $2.30.
Pfizer shareholders sent the stock 1.5% higher to $18.50.