Pfizer Inc. (PFE), the largest drug maker in the US by sales, reported earnings for 3QFY13 on October 29. Revenues missed analyst expectations by $0.1 billion and fell to $12.6 billion. Revenues declined 9.5% year-over-year (YoY), due to increased competition from generic medicines, and because of a stronger dollar. The company lowered its revenue projection for FY13 to $50.8-51.8 billion.
Adjusted earnings per share increased 9.4% YoY to 58 cents, beating analyst estimates by two cents. The EPS beat was driven by cost cutting measures and a lower tax rate. However, expectations for diluted per-share earnings were narrowed and lowered from $3.07-3.22 to $3.05-3.15 for FY13.
Pfizer has repurchased shares worth $13.1 billion year-to-date (YTD), and the company expects to return a total $20 billion to its shareholders through share buybacks and dividends in 2013.
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