(Updated - May 5, 2014 7:02 AM EDT)

Pfizer, Inc. (NYSE: PFE) reported Q1 EPS of $0.57, $0.02 better than the analyst estimate of $0.55. Revenue came in at $11.35 billion, versus the consensus of $12.1 billion.

EXECUTIVE COMMENTARY

Ian Read, Chairman and Chief Executive Officer, stated, “We recently implemented our new commercial structure and I see each segment as comprised of an attractive mix of marketed products and new product opportunities with strong management teams and financial discipline. I believe this new commercial structure and the additional financial transparency for each segment will foster a heightened level of strategic focus and discipline within each business. The new commercial structure will facilitate appropriate focus and investment, whether in pursuit of developing innovative new products or further strengthening brands with high physician and patient loyalty. With this new commercial structure, our strategic priorities for the company and our shareholders remain focused on driving innovation, productively allocating capital and enhancing a strong culture of ownership and accountability.”

“Despite continuing revenue challenges due to ongoing product losses of exclusivity and co-promotion expirations, I look forward to the remainder of the year given the strength of our mid- and late-stage pipeline, the continued growth opportunities for our recently launched products as well as opportunities for upcoming product launches. Within both of our innovative pharmaceutical businesses and our established pharmaceutical segment, I continue to see attractive opportunities to pursue profitable revenue expansion, both organically and through prudent business development,” Mr. Read concluded.

Frank D’Amelio, Chief Financial Officer, stated, “Our financial performance in first-quarter 2014 was in line with our expectations and reflected the continuing impact of product losses of exclusivity, the expiration and near-term termination of certain collaborations and an operating environment that remains challenging. The presentation of financial results for our new commercial structure marks an important step in providing transparency for each of these global segments. We are confirming all components of our 2014 adjusted financial guidance, which reflects our performance to date as well as our confidence in the business going forward. Our 2014 adjusted financial guidance continues to reflect a full-year contribution from Celebrex in the U.S.; if necessary, we will update our financial guidance when we are in a better position to make an informed judgment about the market exclusivity of Celebrex in the U.S. from May 30 through the end of this year. Given our strong operating cash flow, we continue to expect to repurchase approximately $5 billion of our shares this year, with $1.7 billion repurchased through May 2. These repurchases and planned repurchases will more than offset the potential dilution related to employee compensation programs.”

Pfizer confirms that all components of its adjusted financial guidance issued on January 28, 2014 remain valid.

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