By Austen Hufford
Pfizer Inc. on Tuesday said revenue declined in its latest quarter, and the company gave an outlook for full-year revenue below Wall Street's expectations.
Shares of the company fell 1.3% in premarket trading.
Global sales of pneumonia vaccines Prevnar and related drugs fell 24%. In the U.S., Prevnar 13 revenue fell by a third due to high initial rates vaccination rates in previous years and a smaller and unfavorable timing of government purchases.
Sales of cancer drug Ibrance doubled to $643 million
Total Viagra revenue fell 12% to $381 million. Lipitor revenue, meanwhile, rose 2% to $464 million.
For the year, Pfizer now expects revenue of $52 billion to $54 billion and adjusted earnings per share of $2.50 to $2.60. Analysts polled by Thomson Reuters had expected revenue of $54.03 billion and $2.56 in per-share earnings.
For its latest quarter, Pfizer reported a profit of $775 million, or 13 cents a share, up from a loss of $172 million, or 3 cents a share, a year prior. The previous year's quarter included charges related to a settlement over allegations that one of its units overcharged government Medicaid health programs and related to devaluations in Venezuela related to the country's financial crisis.
On an adjusted basis, earnings were 47 cents a share, down from 53 cents. Revenue fell 3% to $13.63 billion.
Analysts polled by Thomson Reuters had forecast adjusted earnings of 50 cents a share on revenue of $13.63 billion.
R&D costs rose 7% as selling, informational and administrative expenses fell 12%.
Write to Austen Hufford at email@example.com