Pfizer (PFE) Q2 Results Reflect Exclusivity Losses; Reaffirms Guidance
Tweet
Share
E-mail
Get Alerts PFE Hot Sheet
Price: $27.79 --0%
Financial Fact:
Income from continuing operations: 1.32B
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Income from continuing operations: 1.32B
Today's EPS Names:
BTTX, VAXX, ELYS, More
Join SI Premium – FREE
Pfizer (NYSE: PFE) is lower early Tuesday, following its second-quarter earnings report which reflects the loss of exclusivity on several products.
Revenue fell 1 percent from $17.132 billion to $16.984 billion. The number was right inline with Street views. Revs in the U.S. fell 9 percent to $6.7 billion, accounting for 39 percent of the total (down from 43 percent last year).
Adjusted net income dropped 4 percent to $4.726 billion, or 60 cents per share, which was slightly stronger than the 59 cents expected on the Street.
Notably, for the first time, Pfizer's Animal Health unit achieved a significant milestone, reporting over $1 billion in quarterly revenue.
Lipitor sales fell 11 percent to $2.591 billion. Enbrel saw a 4 percent jump to $914 million, and Prevnar gained 41 percent to $821 million.
Primary Care revs fell 5 percent on an operational basis due in part to the loss of exclusivity of Lipitor in Canada and Spain in May and July 2010, respectively, as well as the loss of exclusivity of Aricept in the U.S. in November 2010. Pfizer said, "Taken together, the loss of exclusivity for these products in those markets reduced Primary Care unit revenues by $586 million, or 10%, in comparison with second-quarter 2010.
Pfizer reaffirmed its outlook for fiscal 2011 and 2012.
Shares are down about 1.3 percent pre market.
Revenue fell 1 percent from $17.132 billion to $16.984 billion. The number was right inline with Street views. Revs in the U.S. fell 9 percent to $6.7 billion, accounting for 39 percent of the total (down from 43 percent last year).
Adjusted net income dropped 4 percent to $4.726 billion, or 60 cents per share, which was slightly stronger than the 59 cents expected on the Street.
Notably, for the first time, Pfizer's Animal Health unit achieved a significant milestone, reporting over $1 billion in quarterly revenue.
Lipitor sales fell 11 percent to $2.591 billion. Enbrel saw a 4 percent jump to $914 million, and Prevnar gained 41 percent to $821 million.
Primary Care revs fell 5 percent on an operational basis due in part to the loss of exclusivity of Lipitor in Canada and Spain in May and July 2010, respectively, as well as the loss of exclusivity of Aricept in the U.S. in November 2010. Pfizer said, "Taken together, the loss of exclusivity for these products in those markets reduced Primary Care unit revenues by $586 million, or 10%, in comparison with second-quarter 2010.
Pfizer reaffirmed its outlook for fiscal 2011 and 2012.
Shares are down about 1.3 percent pre market.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Lowe's (LOW) PT Lowered to $275 at Guggenheim
- H.C. Wainwright Reiterates Buy Rating on Lifeward (LFWD)
- Truist Securities Starts Matthews International (MATW) at Hold, 'We see risk/reward as more balanced'
Create E-mail Alert Related Categories
Corporate News, EarningsRelated Entities
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
