Pfizer may need to reduce its 2007 earnings-per-share target when it reports earnings tomorrow, says Merrill Lynch’s Dave Risinger in an investor note this afternoon.

The reason: earlier-than-expected generic competition to Norvasc. Originally, Risinger points out, Pfizer execs assumed generic Norvasc wouldn’t appear until September, but a recent federal court ruling recently surprised everyone by giving Mylan a green light.

Before that happened, Pfizer was projecting 2007 earnings of between $2.18 and $2.25. As he sees it, there is one bit of good news - the consensus is already at $2.17, which is below that earlier company estimate.

Further reading…
Pfizer statement in January.[tags]Norvasc, Pfizer[/tags]