Pfizer Q1 revenue marginally falls

Net income attributable to the company was $2.22bn for the first quarter of 2011, compared to $2.02bn for the same period last year.

For full-year 2011, Pfizer anticipated reported revenue to be in between $65.2 and $67.2bn and adjusted diluted EPS to be in between $2.16 and $2.26.

Pfizer CFO Frank D’Amelio said they expect to repurchase between $5bn and $7bn of their common stock in 2011 as they plan to redeploy the after-tax proceeds from the sale of Capsugel, once completed, into share repurchases and/or opportunistic business development transactions that are expected to meet or exceed the return on investment of share repurchases.

Pfizer president and CEO Ian Read said they are pleased with the solid financial performance during the first quarter despite the loss of exclusivity of several products in the US and other geographies, but also with their ability to enhance shareholder value through various initiatives, including their increased share repurchase activity so far 2011.