Pfizer sees 2016 revenue, profit below estimates
Print Edition
US drugmaker Pfizer Inc, which is in the process of buying Botox-maker Allergan Plc for US$160 billion, forecast 2016 revenue and earnings below analysts' estimates, citing generic competition and a strong dollar.
The company said it expects reported revenue of US$49 billion-US$51 billion for the full year and adjusted earnings of US$2.20-US$2.30 per share.
Analysts on average were expecting revenue of US$52.49 billion and earnings of US$2.36 per share.
The company's shares fell 1.6 percent to US$29.70 in premarket trading yesterday. They had fallen 7 percent this year until Monday.
However, Pfizer reported better-than-expected revenue in the fourth quarter, helped by demand for its pneumonia vaccine and its Hospira acquisition.
Revenue rose 7 percent to US$14.05 billion in the fourth quarter, ahead of the average analyst estimate of US$13.56 billion, according to Thomson Reuters.
Global vaccines revenue rose 45 percent to US$1.92 billion, driven by a 102 percent growth in its pneumonia vaccine, Prevnar 13, in the United States.
Pfizer bought Hospira Inc for about US$15 billion last year to boost its portfolio of generic injectable drugs and copies of biotech medicines. The deal closed on September 3.
Net income fell to US$613 million, or 10 cents per share in the quarter, from US$1.23 billion, or 19 cents per share, a year earlier.
On an adjusted basis, the company earned 53 cents per share, above analysts’ average estimate of 52 cents.
The company agreed to buy Allergan last year in a deal that will slash its tax rate. The deal is slated to close in the second half of 2016.
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