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Pfizer lowers 2015 forecast as dollar’s strength cuts into sales

The reduced forecast overshadowed first-quarter results that surpassed analysts’ estimates.

Pfizer cut its 2015 sales forecast as the dollar’s strength cuts into sales outside the US.

Earnings will hit $1.95 to $2.05 a share, Pfizer said in a statement Tuesday, compared with an earlier forecast of $2 to $2.10. Analysts had projected $2.07 a share. The company also reduced its sales forecast to a range of $44 billion to $46 billion, compared with the $45.9 billion average estimate.

The reduced forecast overshadowed first-quarter results that surpassed analysts’ estimates. Earnings of 51 a share topped the average projection of 50 cents, according to data compiled by Bloomberg. First-quarter sales of $10.9 billion compared with analysts’ projections of $10.8 billion.

It’s the first quarter of revenue for the new cancer therapy Ibrance, a drug that’s on track to be Pfizer’s first blockbuster after a series of patent expirations that have pressured sales. Ibrance generated $38 million in sales, compared with the $22 million projected by analysts. Ibrance will be a $3.39 billion drug by 2018, according to analysts’ estimates.

Ibrance was approved by US regulators for use in advanced breast cancer in February, two months ahead of schedule. Pfizer said earlier this month that a study looking at the use of Ibrance in patients with recurrent breast cancer was stopped early because of the drug’s effectiveness. That data has been submitted for presentation at the American Society of Clinical Oncology this year.

Pfizer agreed in February to buy Hospira, which makes injectable drugs, in a transaction valued at about $17 billion, beefing up its roster of generic medicine ahead of a potential spinoff.

©2015 Bloomberg News

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