Biotech and Pharma

Pfizer profit misses as breast cancer drug sales fall short of estimates

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Key Points
  • Pfizer on Tuesday reported lower-than-expected quarterly profit and a decline in revenue.
  • The company's total revenue fell 9% to $12.69 billion in the fourth quarter, with Lyrica sales sinking 68% to $433 million due to competition from generic drugs.
  • Revenue was also lower in the absence of any sales from the separated consumer health business.
A logo for Pfizer is displayed on a monitor on the floor at the New York Stock Exchange, July 29, 2019.
Brendan McDermid | Reuters

Pfizer on Tuesday reported lower-than-expected quarterly profit and a decline in revenue as sales of its off-patent pain treatment Lyrica more than halved, sending its shares down more than 3%.

The largest U.S. drugmaker is spinning off its struggling Upjohn unit, which houses off-patent drugs including Lyrica and Viagra, and separated its consumer health business last year to focus on its more profitable drugs.

The company's total revenue fell 9% to $12.69 billion in the fourth quarter, with Lyrica sales sinking 68% to $433 million due to competition from generic drugs. Revenue was also lower in the absence of any sales from the separated consumer health business.

Sales of breast cancer drug Ibrance, a growth driver for Pfizer, rose 13% to $1.28 billion in the quarter, but missed the consensus estimate of $1.35 billion, according to IBES data from Refinitiv.

Net loss attributable to the company narrowed to $337 million, or 6 cents per share, in the quarter.

Excluding one-time items, Pfizer earned 55 cents per share, below the average analyst estimate of 58 cents. Operating costs rose 1%.Pfizer said it expects full-year adjusted earnings in the range $2.25 to $2.35 per share, excluding the Upjohn unit.