Pfizer (NYSE:PFE) stock fell as much as 3.7 percent on Tuesday morning after the biopharmaceutical company released first-quarter financial results that fell short of analyst expectations. Reported revenues decreased 9 percent on the year to $13.5 billion, missing estimates of $14.0 billion. Adjusted earnings fell 5 percent to $0.54 per share, missing estimates of $0.56.
Broken down by business unit, the company’s Primary Care division experienced the greatest reduction in revenues, down 21 percent on the year to $3.2 billion. Oncology experienced the greatest increase, up 29 percent on the year to $372 million. Revenues in specialty care, the company’s second-largest unit, fell 12 percent to $3.1 billion. Total cost of sales for the quarter fell 2 percent to $2.6 billion.
Here’s a summary of Pfizer’s 2013 financial guidance. Revenues and expenses for Zoetis are included.
Chairman and CEO Ian Read commented: “We are clearly seeing the benefits of the investments we’ve been making in our innovative core, as evidenced by recent key product launches, including Eliquis, Xeljanz and various oncology products, as well as significant progress within our mid-to-late stage product pipeline, most notably palbociclib. Additionally, I am very pleased with the successful completion of the Zoetis IPO and a related debt offering, and with the value these actions have created thus far for Pfizer’s shareholders.”
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