Pfizer Inc reported much lower-than-expected first-quarter sales on Tuesday, hurt by weak demand for its Prevnar 13 vaccine used to prevent pneumonia and other infections, and it trimmed its 2013 profit forecast.Pfizer, whose shares fell 3.6 percent in afternoon trading, earned $2.75 billion, or 38 cents per share in the quarter. That was up from $1.79 billion, or 24 cents per share, a year earlier, when it took restructuring and legal charges.Excluding special items, including a $490 million gain from the transfer of product rights to an investment vehicle in China that Pfizer partly owns, the company earned 54 cents per share. Analysts on average expected 55 cents."It was just a lousy quarter, relative to the company's potential and earnings power," said Michael Liss, portfolio manager with American Century Investments.
Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. Shares of PFE fell by 3.61% or $-1.1/share to $29.33. In the past year, the shares have traded as low as $21.40 and as high as $31.15. On average, 31709000 shares of PFE exchange hands on a given day and today's volume is recorded at 48830708.
Source
