UPDATE: Pfizer Reports 10% Increase In Q1 Profit

Pfizer Inc PFE reported a 10% rise in its first-quarter profit. The company's profit came in at $2.22 billion, or $0.28 per share, versus $2.03 billion, or $0.25 per share, in the year-earlier period. The company's adjusted earnings came in at $0.60 per share. The company's revenue dropped to $16.5 billion, from $16.6 billion. Pfizer's latest quarter revenue does not include sales of $177 million from its Capsugel business. However, analysts were expecting earnings of $0.58 per share on revenue of $16.6 billion. Pfizer projects 2011 adjusted earnings of $2.25 to $2.35 per share, versus analysts' estimates of $2.24 per share. PFE shares fell 0.57% to $20.90 in pre-market trading. Read more from Benzinga's Company news.