Pfizer beats in first quarter, reaffirms guidance

Pfizer Inc. (PFE) reported financial results for first-quarter 2009. The big pharmaceutical company's adjusted net income declined 11 percent to $3.7 billion or 54 cents per share, versus 61 cents per share in the year-ago period. Revenues declined 8 percent to $10.9 billion, as foreign exchange unfavorably impacted revenues.

Analysts had been expecting earnings of 49 cents per share, according to First Call.