UPDATE 2-Pfizer profit misses; 2010 outlook below Street

* Q4 EPS ex-items $0.49 vs $0.50 forecast

* Says 2010 forecast lowered due to stronger dollar

* Trims 2012 sales, profit view

* Shares fall 2.7 pct
(Adds product sales, lowered 2012 forecasts)

By Ransdell Pierson

NEW YORK, Feb 3 (BestGrowthStock) – Pfizer Inc (PFE.N: ) posted
fourth-quarter earnings slightly below analysts’ expectations
and gave a disappointing forecast for 2010 and 2012, sending
its shares down nearly 3 percent.

The world’s biggest drugmaker said on Wednesday that
quarterly profit rose to $767 million, or 10 cents per share,
from $266 million, or 4 cents per share, a year earlier.

Excluding special items, Pfizer earned 49 cents per share.
Analysts on average had expected 50 cents, according to Thomson
Reuters I/B/E/S.

Revenue rose 34 percent to $16.5 billion, above Wall Street
expectations of $15.9 billion.

Pfizer, which completed its $67 billion purchase of Wyeth
in October, said the results included 2.5 months of the
acquisition’s sales in the United States and 1.5 months from
overseas.

Pfizer forecast full-year 2010 earnings of $2.10 to $2.20
per share. Analysts on average had expected $2.27, according to
Thomson Reuters I/B/E/S.

The company said the strengthening dollar, which reduces
the value of overseas sales, would crimp earnings this year 6
cents per share more than it had expected.

Pfizer said it expected revenue this year of $67 billion to
$69 billion, roughly in line with Wall Street’s forecast of
$67.5 billion.

But the company cut its 2012 revenue outlook to between $66
billion and $68.5 billion, from an earlier forecast of $70
billion provided a year ago.

Pfizer said it trimmed the forecast because it has sold off
about half of Wyeth’s Fort Dodge U.S. animal health business,
folded Pfizer’s HIV drug business into a venture with
GlaxoSmithKline (GSK.L: ) and returned Wyeth’s rights to a
constipation drug being developed by Progenics Pharmaceuticals
Inc (PGNX.O: ).

In view of the lowered revenue projection, Pfizer said it
was cutting its 2012 profit outlook to between $2.25 and $2.35
per share, excluding special items. A year ago, it had forecast
$2.42 per share.

Shares of Pfizer were down 2.7 percent at $18.72 in trading
before the market opened.

Stock Market Trading

(Reporting by Ransdell Pierson and Lewis Krauskopf, editing by
Gerald E. McCormick and Lisa Von Ahn)

UPDATE 2-Pfizer profit misses; 2010 outlook below Street