Pfizer Q1 profit up, but drug maker cuts outlook

NEW YORK (AP) — Pfizer said Tuesday that its first-quarter net income rose 53% despite generic-drug competition reducing sales.

The drug maker benefited from a one-time gain compared with a quarter last year that was weighed down by legal and other charges.

Results fell short of Wall Street expectations, and Pfizer lowered its 2013 profit forecast by 6 cents to $2.14 to $2.24 per share.

Pfizer shares fell 2.2% to $29.75 per share in Tuesday trading though the stock remains near its 52-week high of $31.15.

Pfizer said net income totaled $2.8 billion, or 38 cents per share, down from $1.8 billion, or 28 cents per share, a year earlier.

Excluding one-time items, adjusted income was 54 cents per share.

Revenue totaled $13.5 billion, down 9% from $14.9 billion a year earlier.

Analysts surveyed by FactSet, on average, expected adjusted earnings of 55 cents per share and sales of $14 billion.