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.