Pfizer Misses 4Q Profit Forecasts
Pfizer Inc. (PFE) on Tuesday reported fourth-quarter net income of $775 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the New York-based company said it had profit of 13 cents. Earnings, adjusted for non-recurring costs, were 47 cents per share.
The results fell short of Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.
The drugmaker posted revenue of $13.63 billion in the period, beating Street forecasts. Five analysts surveyed by Zacks expected $13.55 billion.
Pfizer expects full-year earnings in the range of $2.50 to $2.60 per share, with revenue in the range of $52 billion to $54 billion.
Pfizer shares have declined almost 4 percent since the beginning of the year, while the Standard & Poor's 500 index has increased almost 2 percent. The stock has increased nearly 4 percent in the last 12 months.——
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