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Biotech / Medical : PFE (Pfizer) How high will it go? -- Ignore unavailable to you. Want to Upgrade?

To: Jack Hartmann who wrote (8488)	9/4/2003 8:58:55 AM
From: John Carragher	Respond to of 9523

Pfizer Lowers Estimates for Results Thursday September 4, 12:27 am ET Pfizer Lowers Estimates for Results After Merger-Related Charges From Pharmacia Acquisition NEW YORK (AP) -- Pfizer Inc. lowered its 2003 earnings projections after incurring greater inventory-related expenses than expected from its acquisition of Pharmacia Corp. The world's largest pharmaceutical company said Wednesday that after charges it expects to earn 70 cents a share this year, down from its original projection of 86 cents. Its 2004 after-charges estimate remains $1.77 a share. However, Pfizer said after adjusting for the merger, it continues to expect earnings of $1.73 a share this year and $2.13 a share in 2004. New York-based Pfizer announced last year that it was acquiring Pharmacia and the deal closed last April. Pfizer spokesman Paul Fitzhenry said the change was a result of harmonizing Pharmacia's inventory policy with Pfizer's. Pharmacia kept about two months of inventory on hand while Pfizer keeps about two weeks. Fitzhenry said that selling off Pharmacia's inventory is costing more than expected so earnings will be lower.