Pfizer (PFE) Misses Q3 EPS by 1c

November 1, 2016 6:46 AM EDT
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Pfizer (NYSE: PFE) reported Q3 EPS of $0.61, $0.01 worse than the analyst estimate of $0.62. Revenue for the quarter came in at $13.05 billion versus the consensus estimate of $13.05 billion.

  • Prevnar revenue was $1.54 billion, versus $1.46 billion expected
  • Ibrance revenue was $550 million, versus $548.4 million expected.

EXECUTIVE COMMENTARY

Ian Read, Chairman and Chief Executive Officer, stated, “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.

“Within the Essential Health business we continued to refine the portfolio with the announced acquisition of the small molecule anti-infectives franchise from AstraZeneca and the announced sale of the Hospira infusion systems portfolio to ICU Medical. In addition, later this month we will begin shipping Inflectra, a biosimilar to Remicade®(8) that will be the first biosimilar monoclonal antibody to be available in the U.S. We remain confident that we will be well-positioned in the emerging biosimilars market with our broad pipeline. With continued strength in emerging markets, the sterile injectables business and the biosimilars portfolio, we anticipate the Essential Health business will be able to transition to a modest revenue growth business on an overall portfolio basis.

“By maintaining our overall high level of financial flexibility and discipline, we are in a strong position to support the strategic initiatives for each business and will remain opportunistic to business development activity in addition to continuing to actively manage our cost structure,” Mr. Read concluded.

Frank D’Amelio, Chief Financial Officer, stated, “Overall, I am pleased with our third-quarter 2016 financial results and with our ability to continue delivering shareholder value through prudent capital allocation. We grew revenues by 3% operationally, excluding the impact of foreign exchange and legacy Hospira operations. We also continued to deliver significant value directly to shareholders by returning $10.5 billion to shareholders through dividends and share repurchases in the first nine months of 2016, including the completion of a $5 billion accelerated share repurchase agreement in June 2016. Additionally, we announced and completed the acquisition of Medivation in the third quarter of 2016.

“We raised the midpoint of the range for our 2016 Revenue guidance primarily to reflect our strong performance to date and the inclusion of legacy Medivation operations in fourth-quarter 2016. The midpoint of our range for our 2016 Adjusted Diluted EPS(2) guidance was negatively impacted solely due to our decision to discontinue development of bococizumab. Excluding this impact, the midpoint of our range for our 2016 Adjusted Diluted EPS(2) guidance would have increased by $0.02,” Mr. D’Amelio concluded.

For earnings history and earnings-related data on Pfizer (PFE) click here.



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