Pfizer's 2016 outlook falls short of estimates due to strong dollar

US drugmaker Pfizer has forecast 2016 revenue and earnings below analysts’ estimates, largely because of the strong dollar.

The company’s shares fell 1.5% to $29.70 even though soaring Prevnar pneumonia vaccine sales led to a stronger-than-expected fourth quarter.

Pfizer, which plans to buy Botox maker Allergan later this year in a $160bn deal, said it expected earnings of $2.20 to $2.30 per share in 2016.