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Pfizer affirms guidance
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December 17, 2001: 4:43 p.m. ET
Pfizer bucks sector trend, says it is comfortable with 2002 expectations.
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NEW YORK (CNN/Money) - Shares of pharmaceutical company Pfizer Inc. rose more than 3 percent Monday afternoon after the company reaffirmed guidance for 2001 and 2002 earnings.
Pfizer (PFE: up $0.89 to $40.33, Research, Estimates) said it expects to earn $1.30 per share in 2001, with 2002 earnings per share in the range of $1.56 to $1.60.
Analysts surveyed by First Call were expecting the company to earn $1.31 per share in 2001 and $1.59 per share in 2003.
"Pfizer doesn't have the patent expirations that have been torpedoing the earnings of other drug companies," said Mike Krensavage, drug analyst with Raymond James & Associates.
Last week both Merck & Co. (MRK: down $0.92 to $57.17, Research, Estimates) and Bristol-Myers Squibb (BMY: up $0.15 to $50.15, Research, Estimates) warned on 2002 earnings, due largely to patent expirations on major drugs cutting into sales.
Pfizer also said it expects earnings per share growth of 15 percent for 2003 and 2004. First Call's consensus estimate for 2003 is for $1.85 per share, which would mean growth of about 16 percent.
"Through the 2004 planning period, Pfizer will deliver sustained, revenue-driven performance that should lead our industry," said David L. Shedlarz, Pfizer CFO, in a statement.
The company plans to meet with analysts Tuesday morning in New York to review its operations and new-drug pipeline.
Krensavage said there should be a lot of interest in Exubera, an inhaled version of insulin which could replace injections for more than 100 million diabetics.
Another drug which could cause a stir is Spiriva, a treatment for chronic obstructive pulmonary disease (COPD) which Pfizer is marketing for privately held German company Boehringer Ingelheim.
Mark Striker, drug analyst with Salomon Smith Barney, said about 600 million people worldwide suffer from COPD and peak sales of the drug could top $1 billion a year. 
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