Pfizer Inc., the world’s biggest drugmaker, said fourth-quarter profit missed analyst estimates and forecast lower than expected earnings for 2010 after the company completed its purchase of rival Wyeth.

Net income rose to $767 million, or 10 cents a share, from $266 million, or 4 cents, a year earlier, when results were hurt by a $2.3 billion legal settlement related to the marketing of the Bextra pain killer, the New York-based drugmaker said today in a statement.
Earnings excluding one-time items were 49 cents a share, falling short of the 51-cents average estimate of 14 analysts surveyed by Bloomberg.
Pfizer forecast 2010 profit excluding certain items of $2.10 to $2.20, below the average estimate of 17 analysts surveyed by Bloomberg. Pfizer completed its $68 billion acquisition of Wyeth in October to help replace the $12 billion in revenue that will be lost when its top-selling Lipitor cholesterol pill faces generic competition in 2011. Pfizer is cutting costs by firing about 19,000 workers and closing manufacturing plants and six research centers.
“New product flow will be fairly limited for Pfizer in 2010,” said Deutsche Bank analyst Barbara Ryan in a Jan. 21 research report. “The noisy quarter should confound analysis of operating performance.” Pfizer also said it expects 2012 earnings excluding certain items of $2.25 to $2.35.
Revenue increased 34 percent to $16.5 billion from the addition of Wyeth’s products added since the acquisition closed Oct. 15. Foreign exchange boosted earnings by $469 million, or 4 percentage points, during the quarter, Pfizer said.
Pfizer rose 45 cents, or 2.4 percent, to $19.24 yesterday in New York Stock Exchange composite trading after gaining 29 percent over the past 12 months
(Source: Bloomberg)