By Kimberly Chin 

Pfizer Inc.on Tuesday narrowed its full-year revenue and profit targets as the drugmaker continues to face increased generic competition and pressure on drug pricing.

For the fiscal year 2018, Pfizer expects sales to be in the range of $53 billion to $53.7 billion, compared with $53 billion to $55 billion as previously guided. It now targets adjusted earnings of $2.98 to $3.02 a share, compared with its previous guidance of $2.95 to $3.05.

The company said this was due to lower-than-expected revenue from its essential health unit and recent unfavorable foreign-exchange rates due to the weakening of some emerging-market currencies and the euro.

Pfizer said Tuesday its third-quarter revenue increased 1% from a year ago to $13.29 billion, below the $13.53 billion analysts polled by Refinitiv had expected.

Revenue increased in its innovative health unit, which is slightly more than half the business and includes its consumer-health brands such as Advil pain medicine, Centrum vitamins and ChapStick lip balm.

But sales continued to decline in its essential health unit, which the company said was due to industrywide pricing challenges and continued shortages of some of its drugs in the U.S., as well as increasing competition with generics.

Pfizer said third-quarter profit rose 45% to $4.11 billion, or 69 cents a share, from a year ago. Analysts expected earnings of 58 cents a share.

Earlier this month, Pfizer said its Chief Executive, Ian Read , would leave the job after eight years to make way for Albert Bourla, who currently serves as chief operating officer. Mr. Bourla will take the top role in January.

The company has suffered several setbacks over the years as lower-cost generic rivals eat into its market share and some of the patents on its blockbuster drugs expired, such as the cholesterol-controlling Lipitor pills and the pain drug Lyrica.

Pfizer shares, up 19% for the year, fell 1.7% in premarket trading Tuesday.

Write to Kimberly Chin at kimberly.chin@wsj.com

 

(END) Dow Jones Newswires

October 30, 2018 08:26 ET (12:26 GMT)

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