Pfizer Inc. Earnings: Revenues Fall, Bringing Down Profit
S&P 500 (NYSE:SPY) component Pfizer Inc. (NYSE:PFE) posted a decrease in profit as revenue declined. Pfizer is a global pharmaceutical company which develops and manufactures prescription medications for humans and animals.
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Pfizer Earnings Cheat Sheet for the Third Quarter
Results: Net income for Pfizer Inc. fell to $3.21 billion (43 cents per share) vs. $3.74 billion (48 cents per share) a year earlier. This is a decline of 14.2% from the year-earlier quarter.
Revenue: Fell 15.9% to $13.98 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Pfizer Inc. reported adjusted net income of 53 cents per share. By that measure, the company beat the mean estimate of 52 cents per share. It fell short of the average revenue estimate of $15.47 billion.
Quoting Management: Ian Read, Chairman and Chief Executive Officer, stated, “Overall, our results this quarter reflect continued product losses of exclusivity, most notably Lipitor in all major markets. Despite a challenging and dynamic environment, worldwide revenues from many of our key medicines, including Enbrel, Celebrex and Lyrica, continued to grow operationally. Additionally, we continued to perform well in emerging markets, most notably in China, given the breadth of our portfolio and focused investment.”
The company has now topped analyst estimates for the last four quarters. It beat the mark by 7 cents in the second quarter, by 2 cents in the first quarter, and by 3 cents in the fourth quarter of the last fiscal year.
Net income has increased 54.5% year-over-year on average across the last five quarters. The biggest gain came in the third quarter of the last fiscal year, when income climbed more than fourfold from the year-earlier quarter.
Looking Forward: Over the past sixty days, the outlook for the company’s performance next quarter has become increasingly unfavorable. The average estimate for the fourth quarter is 49 cents per share, a drop from 50 cents. For the fiscal year, the average estimate has moved down from $2.21 a share to $2.20 over the last thirty days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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