NEW YORK (CNN/Money) - Pfizer could lose about 1 percent in projected sales in 2009 because it pulled two drugs from its pipeline, according to an analyst report that described the impact as "limited."

J.P. Morgan analyst Chris Shibutani cut one cent from his annual earnings per share estimate from 2006 through 2009. Shibutani said in his report that Pfizer Inc.'s (down $0.58 to $27.00, Research) decision to discontinue the products-in-testing would have a "limited impact" on the company. For 2006, the estimate dropped to $2.16 from $2.17.

"With Pfizer's diversified product portfolio and cash position that can be used for future deals, we would expect the company to be able to absorb the financial impact," wrote Shibutani.

Pfizer, the world's biggest drug maker, said Friday that it was discontinuing development of Capravirine, a treatment for the AIDS virus that was originally developed by Shionogi & Co., and Daxas, a treatment for lung disease and asthma developed by Altana Pharma.

According to Shibutani, Daxas and Capravirine sales would have represented 1.1 percent of total Pfizer sales in 2009, assuming approval from the Food and Drug Administration. Sales for Pfizer, a New York company, totaled $52.5 billion in 2004.

Pfizer said that clinical studies with Capravirine "failed to show a statistically-significant difference" when added to "standard triple-drug HIV therapies" and the rights for the drug would be returned to Japanese drug developer Shionogi. As for Daxas, Pfizer said it was ending its collaboration with Altana and returning the rights to the Indianapolis company.

Shibutani rates Pfizer an "overweight," or "buy." Pfizer's stock lost 55 cents, about 2 percent, after the announcement early Friday.

Shibutani does not own Pfizer stock and J.P. Morgan has not done business with the company for at least one year.