Pfizer Profit Plunges 26% on Charges, but Adjusted Net Beats View (PFE)

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Pharma giant Pfizer Inc. ( PFE ) said Tuesday that its first quarter profit fell 26% from last year, but adjusted results beat expectations, aided by last year's acquisition of fellow drugmaker Wyeth.

The New York-based company reported first quarter net income of $2.03 billion, or 25 cents per share, compared with $2.73 billion, or 40 cents per share, in the year-ago period. Excluding one-time items, however, adjusted profit jumped to 60 cents per share.

Revenue surged 54% from last year to $16.8 billion, aided substantially by the company's Wyeth acquisition.

On average, Wall Street analysts expected a smaller adjusted profit of 53 cents per share, on lower revenue of $16.6 billion.

Looking ahead, the company forecast 2010 adjusted earnings to range from $2.10 to $2.20 per share, while analysts expect $2.20.

Pfizer shares rose 30 cents, or +1.8%, in premarket trading Tuesday.

The Bottom Line
We have been recommending shares of PFE since Dec.10, when the stock was trading at $18.24. The company has a 4.26% dividend yield, based on last night's closing stock price of $16.91.

Pfizer Inc. ( PFE ) is a "recommended" dividend stock, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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