US pharmaceutical giant Pfizer yesterday posted quarterly revenue well below Wall Street expectations, on disappointing sales of its Prevnar pediatric vaccine and a sharp pullback in emerging market revenue.
Results were also hurt by weaker-than-expected sales of Pfizer’s Lipitor cholesterol fighter, which has been facing cheaper generics since late last year.
The firm earned $3.21bn (£2.57bn) in the third quarter, down from $3.74bn a year ago, when it recorded a $1.3bn gain after selling off Capsugel.
“Like many others in the third quarter, Pfizer was weak at the revenue line, missing [forecasts] by five per cent,” said Jefferies and Co analyst Jeffrey Holford.
“However, better-than-expected operational efficiencies in manufacturing and a lower-than-expected tax rate rescued earnings to an in-line result.”
Global sales fell 16 per cent to $13.98bn, well below Wall Street expectations of $14.64bn.
Revenue from emerging markets – countries whose fast-rising spending power is key to Pfizer’s growth – fell two per cent to $2.39bn as the stronger dollar cut into the value of sales.
Sales of Prevnar 13 fell 14 per cent to $868m, while sales of its older Prevnar 7 vaccine dropped 17 per cent to $81m.
City A.M. Reporter