Pfizer Inc (NYSE: PFE) reported third-quarter 2020 financial results before the opening bell on Tuesday. The pharmaceutical giant reported a 4% decline in Q3 revenues to $12.1 billion, which fell short of the Wall Street consensus. Earnings of $0.72 per share were, meanwhile a cent higher than what analysts had anticipated.
PFE shares fell 0.2% immediately following the announcement. The stock has fallen 2.5% since the beginning of this year.
CFO Frank D’Amelio said, “In the first nine months of the year, our Biopharma business grew 7% operationally, despite a COVID-19-related negative impact of approximately 2%, driven by the strong performance of many of our key brands. This performance adds to our confidence in our ability to achieve our expectation of at least a 6% compound annual revenue growth rate through 2025 for New Pfizer.”
Meanwhile, shares of Merck & Co., Inc. (NYSE: MRK) gained 1.65% after reporting Q3 earnings and sales that topped street targets.
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