Pfizer Narrows Guidance on Tougher Pricing, Generic Competition
30 Octobre 2018 - 01:41PM
Dow Jones News
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)
Copyright (c) 2018 Dow Jones & Company, Inc.
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