Pfizer Reports Mixed Q2 Earnings, Lowers Guidance

Pfizer PFE reported quarterly earnings of 80 cents per share, which beat the analyst consensus estimate of 75 cents by 6.67%. This is a 1.23% decrease over earnings of 81 cents per share from the same period last year.

The company reported quarterly sales of $13.264 billion, which missed the analyst consensus estimate of $13.4 billion by 1.01%. This is a 1.50% decrease over sales of $13.466 billion the same period last year.

Pfizer lowered fiscal year 2019 EPS guidance from $2.83-$2.93 to $2.76-$2.86 versus the $2.91 analyst estimate. The company lowered its fiscal year 2019 sales outlook from $52 billion-$54 billion to $50.5 billion-$52.5 billion versus the $53.28 billion estimate.

See Also: Mylan, Pfizer's Upjohn To Merge And Create New Company

"We reported solid second-quarter 2019 financial results, with total company revenues up 2% operationally. Performance was primarily driven by 6% volume-driven operational growth in our Biopharma business, including continued growth of key brands such as Ibrance, Eliquis and Xeljanz as well as in emerging markets,” said CEO Albert Bourla. “This growth was partially offset primarily by the impact of generic and biosimilar competition for products that have lost marketing exclusivity, as well as the expected

decline of Upjohn revenues in China.”

Pfizer shares were trading down 1.76% at $42.33 in Monday’s pre-market session. The stock has a 52-week high of $46.47and a 52-week low of $38.07.