By Dave Sebastian
Pfizer Inc. (PFE) reported lower fourth-quarter sales as it lost exclusivity in its pain drug Lyrica in 2019.
The New York drugmaker on Tuesday posted $12.69 billion in fourth-quarter sales, down from $13.98 billion in the prior year. Analysts polled by FactSet were expecting $12.69 billion in sales.
Sales in its Upjohn business, which includes Lyrica and anti-impotence pill Viagra, declined 32% to $2.16 billion for the quarter.
The company recorded net loss of $337 million, or 6 cents a share, compared with a loss of $394 million, or 7 cents a share, in the year-ago period.
Excluding one-time items, the company reported earnings of 55 cents a share. Analysts were looking for adjusted earnings of 58 cents a share.
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