Pfizer’s Q3 Profit Plunges 70% on Charges; Adjusted Net Beats View (PFE)

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Pharmaceutical giant Pfizer Inc. ( PFE ) on Tuesday said its third quarter profit slipped 70% from last year on one-time charges, but adjusted profits beat analyst expectations.

The New York-based company reported third quarter net income of $866 million, or 11 cents per share, compared with $2.88 billion, or 43 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was 54 cents per share.

Revenue jumped 39% from last year to $16.17 billion, aided mainly by the company's recent acquisition of rival pharma giant Wyeth.

On average, Wall Street analysts expected a smaller adjusted profit of 51 cents per share, albeit on higher revenue of $16.68 billion.

Looking ahead, the company boosted its full-year 2010 earnings forecast to a range of $2.17 to $2.22 per share, up from a prior estimate of $2.10 to $2.20. Analysts currently expect $2.22 per share for the year.

Pfizer shares were mostly flat in premarket trading Tuesday.

The Bottom Line
Shares of PFE have a 4.09% dividend yield, based on last night's closing stock price of $17.62. The stock has technical support in the $15-$17 price area. If the shares can firm up, we see overhead resistance around the $19-$20 price levels. We would remain on the sidelines for now.

Pfizer Inc. ( PFE ) is not recommended at this time, holding a DARS™ Rating of 3.4 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 The NASDAQ OMX Group, Inc.

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Referenced Stocks: PFE

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