Pfizer (PFE) Q4 Results Look Strong But FY12 Guidance Lowered
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Price: $26.32 +0.23%
EPS Growth %: -58.5%
Financial Fact:
Net income attributable to Pfizer Inc.: 1.32B
Today's EPS Names:
SFST, VLTO, CLIR, More
EPS Growth %: -58.5%
Financial Fact:
Net income attributable to Pfizer Inc.: 1.32B
Today's EPS Names:
SFST, VLTO, CLIR, More
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Pfizer Inc. (NYSE: PFE) Tuesday reported financial results for the fourth quarter. Shares are trading up about 0.5 percent following the release.
Revenue was $16.7 billion, a decrease of 4 percent compared with $17.4 billion in the year-ago quarter, and slightly above the Street’s consensus of $16.61 billion. U.S. revenue fell 12 percent to $6.3 billion while international revenue rose 3 percent to $10.4 billion.
Cost of sales fell 6 percent year over year and totaled $3.908 billion for the quarter. Selling and administrative expenses also fell 6 percent year over year to $5.371 billion.
Adjusted income was $3.9 billion, an increase of 3 percent compared with $3.7 billion in the year-ago quarter. Adjusted diluted EPS were $0.50, an increase of 6 percent compared with $0.47 in the same quarter last year. The Street’s consensus was calling for earnings of $0.47 per share.
Ian Read, Chairman and Chief Executive Officer, stated, “Overall, 2011 was a year of setting new direction and focus for Pfizer. I am pleased with our 2011 financial performance, which was achieved in the face of a challenging global market and product losses of exclusivity of approximately $5 billion. We also made significant progress regarding capital allocation for the benefit of our shareholders during 2011.”
“In 2011, we advanced our pipeline and improved the rigor and productivity of our research and development (R&D) efforts, while also changing the culture within the R&D organization to be more accountable and results-driven. With the steady cadence of new product launches, marketing submissions and approvals, and positive late-stage clinical data presentations, we are clearly seeing the benefits of our investments and new approach. Prevnar/Prevenar 13 for adults, tofacitinib, Xalkori, Inlyta (axitinib) and Eliquis are well positioned to be important new product opportunities that may enhance the performance of our business. Additionally, we have a next wave of compounds that have shown promise in early and mid-stage studies, and we look forward to progressing them through the pipeline. Each of these compounds represents a potential valuable, new treatment option for patients.”
Pfizer cut its fiscal 2012 financial guidance:
For revenue, the company lowered its guidance range from $62.2 to $64.7 billion to $60.5 to $62.5 billion. The Street’s consensus calls for $63.06 billion in sales.
The cost of sales is expected to account for 20.5 to 21.5 percent of total revenue, or $17.0 to $18.0 billion, up from its previous guidance range of $17.5 to $18.5 billion.
Diluted earnings are estimated to be between $1.37 to $1.52 and between $2.20 to $2.30 on an adjusted basis. These estimates are down from their previous guidance ranges of $1.58 to $1.73 and $2.25 to $2.35. The Street is currently expecting FY12 EPS of $2.30.
Revenue was $16.7 billion, a decrease of 4 percent compared with $17.4 billion in the year-ago quarter, and slightly above the Street’s consensus of $16.61 billion. U.S. revenue fell 12 percent to $6.3 billion while international revenue rose 3 percent to $10.4 billion.
Cost of sales fell 6 percent year over year and totaled $3.908 billion for the quarter. Selling and administrative expenses also fell 6 percent year over year to $5.371 billion.
Adjusted income was $3.9 billion, an increase of 3 percent compared with $3.7 billion in the year-ago quarter. Adjusted diluted EPS were $0.50, an increase of 6 percent compared with $0.47 in the same quarter last year. The Street’s consensus was calling for earnings of $0.47 per share.
Ian Read, Chairman and Chief Executive Officer, stated, “Overall, 2011 was a year of setting new direction and focus for Pfizer. I am pleased with our 2011 financial performance, which was achieved in the face of a challenging global market and product losses of exclusivity of approximately $5 billion. We also made significant progress regarding capital allocation for the benefit of our shareholders during 2011.”
“In 2011, we advanced our pipeline and improved the rigor and productivity of our research and development (R&D) efforts, while also changing the culture within the R&D organization to be more accountable and results-driven. With the steady cadence of new product launches, marketing submissions and approvals, and positive late-stage clinical data presentations, we are clearly seeing the benefits of our investments and new approach. Prevnar/Prevenar 13 for adults, tofacitinib, Xalkori, Inlyta (axitinib) and Eliquis are well positioned to be important new product opportunities that may enhance the performance of our business. Additionally, we have a next wave of compounds that have shown promise in early and mid-stage studies, and we look forward to progressing them through the pipeline. Each of these compounds represents a potential valuable, new treatment option for patients.”
Pfizer cut its fiscal 2012 financial guidance:
For revenue, the company lowered its guidance range from $62.2 to $64.7 billion to $60.5 to $62.5 billion. The Street’s consensus calls for $63.06 billion in sales.
The cost of sales is expected to account for 20.5 to 21.5 percent of total revenue, or $17.0 to $18.0 billion, up from its previous guidance range of $17.5 to $18.5 billion.
Diluted earnings are estimated to be between $1.37 to $1.52 and between $2.20 to $2.30 on an adjusted basis. These estimates are down from their previous guidance ranges of $1.58 to $1.73 and $2.25 to $2.35. The Street is currently expecting FY12 EPS of $2.30.
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