Pfizer reported earnings below estimates and lowered its annual forecasts

News

Pfizer reported earnings below estimates and lowered its annual forecasts

29.10.2020 News

Shares of Pfizer decreased by 3.2% since the beginning of the year, fell by 1.65% on Tuesday after the company announced the results of the third quarter, which ended on September 30.

Pfizer reported a 4% drop in earnings per share (compared to the same quarter in 2019) to $ 0.72, but this was slightly higher than analysts’ estimates of $ 0.71. Total quarterly revenue fell to $ 2.2 billion from $ 7.68 in the 3rd quarter of 2019.

Total quarterly profit also fell 4% to $ 12.13 billion, below analysts’ average estimates of $ 12.32 billion.

In its report, Pfizer noted a 6% increase in sales of the anti-cancer drug Ibrance – up to $ 1.36 billion, which is higher than analysts’ estimates of $ 1.39 billion, despite increased competition from Verzenio with Eli Lilly.

At the same time, total quarterly revenue was reduced, in part due to a drop in sales of Lyrica’s patented painkiller by $ 500 million due to the COVID-19 pandemic, as patients with other diseases were less likely to seek medical care.

Pfizer also noted that Q3 spending on development and research increased compared to the same quarter last year, “which primarily reflects the higher cost of Pfizer’s efforts to develop potential vaccines and therapeutic agents for the prevention and treatment of COVID-19.”

The company said it had paid $ 6.3 billion in dividends in the first nine months of 2020, consisting of a dividend of $ 0.38 per ordinary share in each of the first, second and third quarters of 2020. To date, no share buyback has been conducted in 2020 and is not planned until the end of the year.

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