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.
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