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More Drugs, Profits in Pipeline at Pfizer

AP
Thursday, 30 Nov 2006 | 10:27 AM ET

Pfizer , the world's largest drugmaker, has raised its earnings guidance for the year and promised a number of late stage products out of its pipeline in the coming years.

The company raised its adjusted earnings-per-share forecast to a minimum of $2.05, from an earlier forecast of $2. Without adjustments, the company expects earnings at least $1.68 per share.

The company cited favorable revenue trends and lower costs.

Analysts surveyed by Thomson Financial expect earnings per share of $2.02.

The outlook follows Pfizer's announcement Tuesday it would cut 20 percent from its U.S. sales force, or 2,200 jobs.

Pfizer stuck to targeting average adjusted earnings per share growth in the high single digits in 2007 and 2008, from its $2.05-per-share estimate for 2006.

The company expects its late-stage product pipeline to grow dramatically or perhaps even triple from 2006 to 2009. This would give the company four new products a year starting in 2011. Areas of concentration include cardiovascular, metabolic and endocrine diseases focusing on atherosclerosis, obesity, diabetes, bone and muscle health, and blood clots.

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