Listen to this article
Sales of several Pfizer drugs fell shy of Wall Street expectations in the first quarter as the pharmaceuticals group posted revenues below analyst expectations.
The company reported revenues of $12.8bn for the first quarter versus the typical analyst forecast of $13.1bn, although adjusted earnings of 69 cents per share were two cents ahead of expectations.
Taking currency fluctuations into account, revenues were down 1 per cent compared to a year ago, Pfizer said, as it blamed a shorter quarter that had resulted in one fewer “selling days” in the US and two fewer internationally.
Several of Pfizer’s best-known brands fell short, including US sales of Viagra, the erectile dysfunction drug, Prevnar, its pneumococcal vaccine, and Ibrance, its breast cancer medicine.
The group reaffirmed its full-year financial guidance for revenues between $52bn and $54bn and adjusted earnings per share between $2.50 and $2.60.
Shares of the company fell by 1 per cent in premarket trading.
Get alerts on Pharmaceuticals sector when a new story is published