(By Balachander) Pfizer Inc. (NYSE:PFE) reported a drop in quarterly earnings, as revenue declined due to loss of exclusivity of cholesterol drug Lipitor in the U.S., and the company also lowered its forecast for the full year.
Adjusted earnings per share (EPS) fell 3 percent to 58 cents from 60 cents, yet topping market expectations of 56 cents. Reported EPS were 24 cents, down 14 percent from last year.
Revenue was percent to $15.40 billion, down 7 percent from $16.5 billion, while analysts expected $15.47 billion. U.S. revenue fell 15 percent, while International revenues was consistent with the year-ago period.
U.S. branded Lipitor revenue tumbled 71 percent.
Looking ahead for the full year, the company now expects EPS in the range of $2.14 to $2.24 from prior expectations of $2.20 to $2.30. Revenue is now projected to be between $58.0 billion and $60.0 billion from $60.5 billion to $62.5 billion projected earlier. Analysts expect EPS of $2.26 on revenue of $62.14 billion.
The revised guidance reflects the company's move to divest its Nutrition business.
The stock, which has been trading in the 52-week range between $16.63 and $23.30, ended Monday's regular trading at $22.90.