Pfizer Inc. (NYSE: PFE) reported third-quarter 2013 results before markets opened Tuesday morning. The drug maker posted adjusted diluted earnings per share (EPS) of $0.58 and revenues of $12.64 billion. In the same period a year ago, Pfizer reported EPS of $0.50 on revenues of $12.95 billion. Third-quarter results also compare to the Thomson Reuters consensus estimates for $0.56 EPS and $12.7 billion in revenues.

Pfizer’s revenues fell $310 million, primarily due to a negative impact of $272 million on currency translation and $38 million in lower sales for the company’s Lipitor drug, which lost patent protection in November of 2011.

The company has repurchased shares worth $13.1 billion so far in 2013 and expects to pay $6.5 billion in dividends.

For the full year, Pfizer has lowered the top end of its revenue guidance from $52.8 billion to $51.8 billion, leaving the lower end unchanged at $50.8 billion. The lower end of the company’s forecast for adjusted diluted EPS has been raised from $2.10 to $2.15. The top end is unchanged at $2.20. Consensus forecasts call for full-year EPS of $2.16 and revenues of $51.45 billion.

The company’s CEO said:

Overall, I am very pleased with our continued and steady progress, on many fronts, to drive greater value for our shareholders. We continue to generate solid financial results on an operational basis, despite the impact of product losses of exclusivity and the ongoing expiration of the Spiriva collaboration in certain countries as well as the challenging operating environment. … Over the next several months, we expect to report key clinical data read-outs that will more clearly characterize the strength of our late-stage pipeline. These data read-outs will be across a broad range of both additional indications for currently marketed products and novel compounds, including Prevnar 13 in adults, Xeljanz (psoriasis), dacomitinib, palbociclib, and the staphylococcus aureus vaccine, among others.

The spin-off of Pfizer’s animal health division into Zoetis Inc. (NYSE: ZTS) lowers 2012 third-quarter revenue by about $1 billion and EPS by about $0.03. Pfizer’s third-quarter 2013 accounts for the spin-off as a discontinued operation.

Whether Pfizer’s late-stage pipeline is as solid as CEO Ian Read thinks it is remains to be seen.

Shares of Merck’s stock were trading about 0.2% higher in Tuesday’s premarket, at $30.80 in a 52-week range of $23.55 to $31.15. Thomson Reuters had a consensus analyst price target of around $31.90 before this report.

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