Pfizer Inc. (NYSE:PFE) shares fell as much as 4 percent in pre-market trading after the company’s weak first-quarter earnings report. The company reported revenue of $13.5 billion, including revenues from Zoetis Inc (NYSE:ZTS), the veterinary medicine unit it spun off earlier this year through its own initial public offering. First-quarter revenue last year was $14.89 billion.


First-quarter adjusted diluted earnings per share were 54 cents, and reported diluted earnings per share were 38 cents. Analysts were expecting the drug maker to report earnings of 55 cents per share on revenue of $14 billion. Pfizer Inc. (NYSE:PFE) attributed its earnings and revenue misses to the spinoff of Zoetis Inc (NYSE:ZTS) and also the stronger dollar.

The drug maker said it is continuing to consolidate its spin-off, retaining an 80.2 percent ownership interest. Shares of Zoetis Inc (NYSE:ZTS) actually rose more than 2 percent in pre-market trading after Pfizer announced its earnings.

In addition, Pfizer Inc. (NYSE:PFE) cut its guidance for the full year, trimming earnings, excluding items, to between $2.14 and $2.24 per share and revenue to between $55.3 billion and $57.3 billion.

Pfizer Inc. (NYSE:PFE) announced a number of product developments along with its first-quarter guidance. It launched the stroke prevention drug Eliquis in the U.S., the U.K., Germany, Denmark and Japan. Its rheumatoid arthritis drug Xeljanz was approved for use in Japan, and a launch meeting for the drug was held in the U.S. in March. It launched ADHD drug Quillivant XR and received a reissued patent covering the well-known arthritis drug Celebrex.

During the first quarter, Pfizer Inc. (NYSE:PFE) also bought back $6.3 billion of its common stock.