Drugmaker Pfizer today forecast 2005 earnings at the low end of Wall Street expectations.
Pfizer forecast 2005 earnings of $2 per share excluding one-time items, compared with analysts' expectations of between $1.99 and $2.35 as compiled by Reuters Estimates.
Last year the company earned $2.12 per share before special items.
The company is struggling with generic competition and waning demand for its arthritis drugs amid safety concerns.
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The 2005 outlook, presented at an investor meeting in New York, signals a marked downturn for Pfizer, which has boasted industry-topping earnings growth in recent years thanks to medicines acquired through mergers with Warner-Lambert and Pharmacia.