Pfizer 1st-qtr 2013 disappoints, despite near 54% leap in net income

US drugs behemoth Pfizer’s (NYSE: PFE) shares fell 4.5% to $29.07 by close of trading in New York yesterday (April 30), after the company announced first-quarter 2013 results that fell short of analysts’ expectation, despite a net income rise 53.6% (benefitting from a $490 million gain related to a joint venture with China), and the company lowered its forecast for the full year.

Revenue for the quarter was $13.5 billion, down 9.3% from $14.89 billion a year earlier and below analysts' expectations of $13.99 billion. The company said net earnings were $2.75 billion, or $0.38 per share, in the first quarter, compared with $1.79 billion, or $0.24 per share, a year earlier, when it took charges to boost productivity and address legal matters. Excluding special items, Pfizer earned $0.54 per share, versus analysts’ average expectations of $0.55.

Also disappointing was the fact that Pfizer reduced by $0.06 its full-year 2013 forecast, lowering its guidance range for earnings per share to $2.14 to $2.24 per share, down from $2.20 to $2.30.