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COPYRIGHT 2005 Voxant Inc.
Original Source: CNBC/DOW JONES BUSINESS VIDEO ANALYST INTERVIEW
LARRY KUDLOW, CNBC ANCHOR: Let`s go to our brilliant analyst. We`ve got Barbara Ryan, managing director and pharma analyst at Deutsche Bank. And she has forgotten more than I ever knew about the whole pharmaceutical sector, so now she`s back.
And Barbara, were you surprised at the Pfizer numbers?
BARBARA RYAN, MANAGING DIRECTOR & PHARMA ANALYST, DEUTSCHE BANK: It`s been a long and very dark day for me. And I was very surprised. I think Mike hit the nail on the head. You know, the quarter was pretty much as we had expected. I mean remember that this company is a $52 billion company in annual revenue. So the fact that they missed revenues by a couple of hundred million is not, in the scheme of things, all that big of deal. And they did beat the bottom-line number. It`s the retraction of guidance looking out that is most disturbing.
KUDLOW: Why? Why are they doing that? In other words, you say it`s a dark day. I understand, but they retracted guidance from `06. What`s behind that retraction because there`s got to be some RBD, RBNs out there, some real bad news?
RYAN: Absolutely. And you know people only imagine the worst when you leave them sort of twisting in the wind as is the case with pulling the guidance. I think when times are uncertain, companies obviously widen the range that they`re willing to give the Street, giving them room on the downside, and maybe on the upside as well. But just...
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