Pfizer beats 1Q profit forecasts

Pfizer Inc. is reporting first-quarter net income of $3.12 billion.

The New York company had a profit of 51 cents per share. Earnings, adjusted for non-recurring costs, came to 69 cents per share.

The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 67 cents per share.

The drugmaker posted revenue of $12.78 billion in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $13.04 billion.

Pfizer expects full-year earnings between $2.50 and $2.60 per share, with revenue between $52 billion and $54 billion.

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