U.S. Markets closed

Pfizer says updated FY13 view reflects foreign exchange rates, Zoetis IPO

Pfizer (PFE) updated certain components of its 2013 financial guidance to reflect the impact of recent changes in foreign exchange rates and the initial public offering of a 19.8% ownership interest in Zoetis (ZTS) completed on February 6, among other factors. Pfizer continues to consolidate Zoetis, as Pfizer retains an 80.2% ownership interest. The earnings attributable to the divested interest in Zoetis are excluded from Adjusted and Reported Net Income, effective February 7. The company lowered its Reported Revenues view due to the changes in foreign exchange rates in relation to the U.S. dollar from mid-January 2013 to mid-April 2013, notably the weakening of the Japanese yen. The aforementioned changes in foreign exchange rates impacted Adjusted Diluted EPS by 4c per share, and adjusted EPS also includes the impact of the Zoetis IPO of 2c per share.