Pfizer's guidance disappoints investors
US drugmaker Pfizer forecast revenues below market expectations on Tuesday after revealing that quarterly revenues had moved ahead only slightly.
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Pfizer's revenues rose 2% to $13.98bn in the three months ended 31 December (FactSet: $13.9bn), while earnings per share came in at $0.64 each - a single cent ahead of estimates.
However, the Nasdaq-listed pharmaceutical company told investors it now anticipates adjusted earnings of between $2.82 a share and $2.92 a share for the year ahead, below analysts' estimates of $3.04, and annual revenues of $52bn to $54bn - just shy of consensus bets of $54.25bn.
Over the latest quarter, innovative health revenues increased 10% on the back of improved Eliquis and Xeljanz sales, while viagra sales fell after losing patent protection.
Essential health revenue fells 3% as a result of "pricing challenges" and generic competition in the US.
Chief executive Albert Bourla said: "We enter 2019 with confidence in the competitive positioning of our businesses, the prospects for our recently launched products and product line extensions, as well as the strength and breadth of our research pipeline."
As of 1340 GMT Pfizer shares had dipped 1.85% in pre-market trading to $38.80 each.