Pfizer Inc. (NYSE: PFE) has managed to handily beat consensus fourth-quarter earnings expectations, at least on the surface. Earnings came to $0.56 per share on $13.6 billion in sales. Thomson Reuters had estimates of $0.52 in earnings per share, but revenue expectations were for $16.27 billion.
The guidance for 2014 was put in a range of $2.20 to $2.30 per share, on revenues of $49.2 billion to $51.2 billion. Thomson Reuters had consensus estimates of $2.28 in earnings per share and revenue of $49.74 billion. Pfizer’s guidance also reflects the anticipated negative impact of approximately $3.0 billion due to recent and expected product losses of exclusivity and a collaboration end. The earnings portion of guidance reflects an anticipated $5 billion in additional share repurchases in 2014.
Pfizer did show that its effective tax rate on adjusted income declined 2.0 percentage points, which fell to 27.7% from 29.7%.
Pfizer shares closed down 1.4% to $29.66 on Monday, and shares were indicated back up just above $30 in early indications Tuesday. Its stock has traded in a 52-week range of $26.79 to $32.50, and the consensus price target is up at $33.17.
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