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Pfizer quarterly revenue falls more than forecast on lower demand for Prevnar and Enbrel

Pfizer has raised its earnings guidance and expects up to 30 approvals for its pipeline of medicines over the next five years
drugs
Pfizer's second quarter earnings were ahead of analysts' expectations

Pfizer Inc. (NYSE:PFE) reported a worse-than-expected decline in second quarter revenue as demand for its pneumonia vaccine Prevnar and rheumatoid arthritis treatment Enbrel waned.

Revenue fell 2% to US$12.9bn in the second quarter from US$13.15bn in the year ago period, missing analysts’ estimates of US$13.07bn.  Pfizer said revenues incurred a US$202mln impact of foreign exchange headwinds and were also affected by the sale of its global infusion therapy net assets, Hospira Infusion Systems (HIS) in February.

Earnings were ahead of expectations, however, as the company managed its costs.

Net income rose to US$3.07bn, or 51 cents per share, from US$2.05bn, of 33 cents per share.

Adjusted earnings per share (EPS) was 67 cents, up from 64 cents the prior period and compared to market forecasts of 65 cents.

The company raised its 2017 adjusted EPS guidance to a range of US$2.54 to US$2.60 from a previous estimate of US$2.50 to US$2.60.

“I am pleased with our second-quarter 2017 results and our year-to-date performance is in line with our expectations,” said chief executive Ian Read.

Read said the company has a strong pipeline of drugs and expects about 25 to 30 regulatory approvals over the next five years.  Up to 15 of these have the potential to be blockbusters, of which half could receive approval by 2020, Read said.

“Our strategy remains focused on maximising in-market opportunities while continuing to advance the pipeline and managing our cost structure to deliver attractive financial performance over time.”

Shares in the company fell 0.185 to US$33.10 each in US pre-market trading. 

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Article
November 23 2015

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