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Biotech / Medical : Pharma News Only (pfe,mrk,wla, sgp, ahp, bmy, lly)
PFE 25.18+1.1%Jan 2 9:30 AM EST
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To: Anthony Wong who wrote (993)11/6/1998 12:22:00 PM
From: Anthony Wong   of 1722
 
Pfizer Finance Chief Sees 1998 Profit at $1.95 to $2 a Share

Bloomberg News
November 6, 1998, 11:01 a.m. ET

Pfizer Finance Chief Sees 1998 Profit at $1.95 to $2 a Share

New York, Nov. 6 (Bloomberg) -- Pfizer Inc., maker of the
impotence pill Viagra, said it's comfortable with analysts'
estimates that put its 1998 profit at $1.95 to $2.00 a share.

The latest estimate reflects a big slowdown in sales of
Viagra, which began selling earlier this year and quickly set
sales records for the pharmaceutical industry.

The average estimate of analysts polled by First Call Corp.
was $1.99 a share. That excludes one-time items such as the sales
of Pfizer's medical-device units. Pfizer earned $1.70 a share in
1997.

David Shedlarz, Pfizer's chief financial officer, talked
about the earnings estimates at a company meeting with analysts
in New York.

In July, the New York-based drugmaker had said it was
comfortable with then-current estimates of $2.05 to $2.10 a
share. Analysts at the time hadn't figured on the sharp drop in
Viagra sales.

Viagra had $411 million in second-quarter sales, its first
three months on the market. After the introduction, considered
the best-ever in the industry, Viagra's third-quarter sales fell
to $141 million.

Shares of Pfizer rose 1/4 to 107 5/8 in late morning
trading.

--Kerry Dooley in New York through the Princeton newsroom (609)

news.com
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