Loss of Lipitor Leaves Pfizer (PFE) Limping Following Q1 Numbers; Cuts FY12 Outlook
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Price: $28.96 -0.99%
EPS Growth %: -6.9%
Financial Fact:
Cash dividends paid per common share (in dollars per share): 0.24
Today's EPS Names:
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EPS Growth %: -6.9%
Financial Fact:
Cash dividends paid per common share (in dollars per share): 0.24
Today's EPS Names:
LBIX, ESEA, ISS, More
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Pfizer (NYSE: PFE) shares are ailing Tuesday morning following first-quarter 2012 results from the global pharma giant.
Revenue fell 7 percent from $16.50 billion in the same period last year to $15.41 billion. Expectations called for revs of $15.47 billion.
Net income moved from $2.22 billion in the year-ago quarter to $1.79 billion, a 19 percent decrease. Adjusted EPS came in at 58 cents, topping views calling for 56 cents.
For its top-line drop, Pfizer noted the loss of Lipitor exclusivity last November.
The company is becoming more international with U.S. sales accounting for 39 percent of revs, down from 43 percent last year.
Ian Read, Chairman and CEO, said, "I am pleased with our first-quarter 2012 financial performance, which was driven primarily by growth in certain brands including Celebrex, Enbrel and Lyrica, growth in key geographies such as China, as well as our continued ability to realize cost savings and efficiently allocate our shareholders’ capital. These and various other factors have mitigated the negative financial impact of product losses of exclusivity of approximately $1.3 billion compared with the year-ago quarter, including Lipitor in the U.S., and have enabled us to generate adjusted diluted EPS that is nearly comparable to the year-ago period."
Keys for Pfizer moving forward:
Shares are off 0.4 percent in morning trade.
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Revenue fell 7 percent from $16.50 billion in the same period last year to $15.41 billion. Expectations called for revs of $15.47 billion.
Net income moved from $2.22 billion in the year-ago quarter to $1.79 billion, a 19 percent decrease. Adjusted EPS came in at 58 cents, topping views calling for 56 cents.
For its top-line drop, Pfizer noted the loss of Lipitor exclusivity last November.
The company is becoming more international with U.S. sales accounting for 39 percent of revs, down from 43 percent last year.
Ian Read, Chairman and CEO, said, "I am pleased with our first-quarter 2012 financial performance, which was driven primarily by growth in certain brands including Celebrex, Enbrel and Lyrica, growth in key geographies such as China, as well as our continued ability to realize cost savings and efficiently allocate our shareholders’ capital. These and various other factors have mitigated the negative financial impact of product losses of exclusivity of approximately $1.3 billion compared with the year-ago quarter, including Lipitor in the U.S., and have enabled us to generate adjusted diluted EPS that is nearly comparable to the year-ago period."
Keys for Pfizer moving forward:
- The recent launch of Prevnar 13/Prevenar 13 vaccine for adults in the U.S. and EU;
- The recent launch of Inlyta for advanced renal cell carcinoma in the U.S.;
- Further regulatory updates on Eliquis, tofacitinib and bosutinib in several markets;
- Phase 3 data for bapineuzumab for Alzheimer’s disease expected in the middle of 2012; and
- Further R&D on candidates in oncology, vaccines, hyperlipidemia and pain segments.
Shares are off 0.4 percent in morning trade.
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