Pfizer Profit Beats, Forecast Unhurt by Reform

Pfizer reported better-than-expected first-quarter profit and revenue, and reaffirmed its full-year earnings forecast despite costs of recently approved U.S. healthcare reforms.

The world's biggest drugmaker, which in October completed its $67 billion purchase of U.S. rival Wyeth, earned $2.03 billion, or 25 cents per share in the quarter. That compared with $2.73 billion, or 40 cents per share, in the year-earlier period.

Excluding special items, Pfizer earned 60 cents per share. Analysts on average expected 53 cents per share, according to Thomson Reuters I/B/E/S.