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Drugmaker trims forecast

Tuesday, April 5, 2005 | 9:28 a.m.

NEW YORK -- Pfizer Inc., the world's largest drugmaker, today forecast a 6 percent decline in earnings this year as it launches a cost-cutting plan aimed at saving $4 billion over the next four years amid struggles with patent expirations and safety concerns over its popular pain-reliever Celebrex. Its shares rose nearly 4 percent in early trading.

The company said its 2005 earnings are expected to be $2 per share, short of the average view of $2.13 per share from analysts surveyed by Thomson Financial. Accounting for one-time items, full-year income is estimated at $1.16 per share.

However, Pfizer projected earnings for the first quarter ended March 31 at 53 cents per share, topping the analyst consensus by 1 cent.

Last year, Pfizer earned 52 cents per share in the first quarter.

Pfizer's targeted savings amount to twice the $2 billion figure analysts were expecting. While the company is looking to trim spending by $4 billion -- about 12 percent of its costs -- implementing the plan will cost between $5 billion and $6 billion through 2008, Pfizer said.

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