Weak Prevnar vaccine, emerging market sales hit Pfizer
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 largest U.S. drugmaker earned $3.21 billion, or 43 cents per share, in the third quarter. That compared with $3.74 billion, or 48 cents per share, in the year-earlier period, when the company recorded a $1.3 billion gain on the sale of its Capsugel business.
Excluding special items, Pfizer earned 53 cents per share, matching the average analyst forecast, according to Thomson Reuters I/B/E/S.
Like many others in the third quarter, Pfizer was weak at the revenue line, missing (forecasts) by 5 percent, Jefferies and Co analyst Jeffrey Holford said.
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 percent to $13.98 billion, well below Wall Street expectations of $14.64 billion.
Revenue from emerging markets - countries whose fast-expanding economies are a mainstay for Pfizer growth - fell 2 percent to $2.39 billion as the stronger dollar cut into the value of sales. By contrast, emerging market sales had jumped 8 percent in the prior quarter.
Although Pfizer has hitched its future largely to sales in developing markets such as China, India, Eastern Europe and South America, sales are highly variable there because of fluctuating interest rates and a range of regional factors.
Sales of Prevnar 13
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