Investors Disappointed With Pfizer Q3 Earnings

Pfizer Inc PFE delivered lower than expected earnings for the third quarter sending the stock lower in pre-market trading.

• Reports adjusted EPS of $0.61, misses by $0.01.
• Generated total revenue of $13.045 billion, in line with the estimates.
• Revenue grew 8 percent. On operational basis, revenue advanced 10 percent.
• Reduced top end of full year adjusted EPS outlook from $2.38-$2.48 to $2.38-$2.43.
• Boosted lower end of Revenue forecast from $51-$53.0 billion to $52-$53 billion.
• Analysts expect full year EPS of $2.46 on revenue of $53.01 billion.

Pfizer’s Chairman and CEO, Ian Read, commented, “Our business continues to perform well as demonstrated by the quarter’s financial results. Our Innovative Health business executed strongly behind the latest product launches, and our two recent acquisitions -- Medivation and Anacor -- are providing new near-term opportunities to potentially drive incremental growth for the business as its product pipeline continues to mature. We see this business as highly focused on those therapeutic areas where it is best positioned to deliver value to patients.”

Following the news, the stock fell 2.24 percent to $31.00 in the pre-market session.