Pfizer Inc. (NYSE:PFE) early Tuesday posted disappointing fourth quarter results and offered a tepid outlook, amid weakening demand for some of its key drugs.
The New York City-based company reported Q4 EPS of $0.47, which was $0.04 worse than the Wall Street consensus estimate of $0.51. Revenues fell 3% from last year to $13.63 billion, also missing analysts’ $13.69 billion view.
Pfizer’s Essential Health unit saw 2% operational revenue growth in the latest period, driven by big growth its Xeljanz and Eliquis drugs. On a sour note, Global Prevnar/Prevenar 13 revenues fell 23%, with a smaller amount of patients needing the pneumonia vaccine.
Looking ahead, PFE forecast 2017 EPS ranging from $2.50 to $2.60, which could miss analysts’ estimate of $2.60. 2017 revenues are seen between $52 and $54 billion, lower than Wall Street’s consensus $54.86 billion view.
The company commented via press release:
“We are operating with a highly focused business structure and management team, providing us with the best opportunity to generate attractive operating revenue and earnings growth as demonstrated by our 2017 financial guidance. Our strong in-market product portfolio and broad R&D pipeline include several potential first-in-class or best-in-class compounds in important therapeutic areas. I believe we are positioned for continued strong performance in 2017 and beyond, which will enhance our ability to deliver new therapies to patients and create value for our shareholders,”
Pfizer Inc. shares fell $0.4 (-1.28%) in premarket trading Tuesday. Year-to-date, PFE has declined -3.60%, versus a 1.80% rise in the benchmark S&P 500 index during the same period.