Pfizer Inc., the world’s biggest drugmaker, on Tuesday forecast 2005 earnings at the low end of Wall Street expectations and targeted $4 billion in cost savings through 2008 as it struggles with patent expirations and waning demand for its arthritis drugs amid safety concerns.
The company said its 2005 earnings are expected to be $2 per share, short of the average view of $2.13 per share from analysts surveyed by Thomson Financial. Accounting for one-time items, full-year income is estimated at $1.16 per share.
