Biotech Values

[DewDiligence]

PFE’s 2013 non-GAAP EPS guidance is now $2.10-2.20, a reduction of 4 cents on the upper and lower bounds relative to prior guidance.

If EPS were calculated based on diluted shares outstanding at the end of a reporting period instead of the average number of diluted shares during the reporting period, the ZTS separation would’ve been accretive to PFE’s EPS during 2013. Starting in 2014, the ZTS separation will be accretive to PFE’s EPS as the lower share count will be in effect for the entire year.