Pfizer Inc.’s (PFE - Free Report) is one of the most well-known names in the pharmaceutical sector not just for its medicines and vaccines but also for its consumer healthcare products. This New York-based company is well known for products like Prevnar, Lyrica, Lipitor and Celebrex among others.
However, like many of its peers, PFE is facing generic competition and pricing pressure for several products like Lipitor, Norvasc, Protonix, Camptosar, Celebrex and Zoloft. Other than that lost alliance revenues, pricing pressure and rising competition are hurting the top-line.
In this scenario, investor focus remains on late-stage pipeline candidates and their commercial potential and performance of new products apart from the usual top-and bottom-line numbers.
The pharma giant has a mixed record of earnings surprises. The company’s earnings surpassed expectations in two of the last four quarters while missing in the other two, resulting in an average negative surprise of 0.35%.
Currently, PFE has a Zacks Rank #3 (Hold), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:
Earning Beat: PFE beat second quarter earnings which came in at 67 cents while our consensus called for EPS of 65 cents. Earnings rose 5% year over year.
Revenues Miss: Revenues once again missed expectations. Pfizer posted revenues of $12.90 billion, compared to our consensus estimate of $13.02 billion. Unfavorable currency movement cut Pfizer’s first quarter revenues by 2% ($202 million).
2017 Guidance: While Pfizer raised the lower end of its adjusted earnings guidance, it retained the revenue expectations for the year. Revenues are expected in the range of $52 billion to $54 billion.
Adjusted earnings per share are expected in the range of $2.54 - $2.60 versus $2.50–$2.60 expected previously.
Pre-Market Trading: Shares rose 0.7% in pre-market trading.
Check back later for our full write up on this PFE earnings report later!
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