Investing.com - U.S. pharmaceutical giant Pfizer (NYSE:PFE) provided weak guidance for the rest of year ahead of Tuesday’s opening bell, despite reporting better-than-expected first quarter earnings.
Pfizer said adjusted earnings per share was $0.51 cents in the first quarter, above expectations for adjusted earnings of $0.49 cents per share.
The company’s first quarter revenue totaled $10.86 billion, beating forecasts for revenue of $10.73 billion.
Pfizer said it expected full-year adjusted revenue to come in a range between $44.7 billion and $46.0 billion, compared to a previous range forecast of $44.5 billion to $46.5 billion.
Pfizer's 2015 financial guidance was updated solely to reflect changes in foreign exchange rates in relation to the U.S. dollar from mid-January 2015 to mid-April 2015, primarily the weakening of the euro.
For the full-year, the company expects adjusted earnings per share in a range between $1.32 to $1.47, compared to a previous outlook of $1.37 to $1.52 per share.
Ian Read, Chairman and Chief Executive Officer, stated, "We began the year with good performance on both the top and bottom line and I believe the company is well-positioned in terms of in-line products, recent product launches, geographic reach and product pipeline."
Following the release of the report, shares in Pfizer dipped 0.23% in pre-market trade to $34.51 from a closing price of $34.59 on Monday.
Meanwhile, U.S. stock futures pointed to a mildly lower open. The Dow futures indicated a loss of 0.4% at the open, the S&P 500 futures pointed to a drop of 0.35%, while Nasdaq 100 futures declined 0.15%.
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Pfizer shares fall on weak guidance
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