Pfizer Inc. (NYSE: PFE) topped revenue expectations for the fourth quarter of 2019 while earnings missed the mark. Shares fell 1.6% in premarket hours on Tuesday.
Total revenue of $12.7 billion was down 9% from the same period a year ago but above estimates of $12.6 billion.
On a GAAP basis, the company reported a loss of $337 million, or $0.06 per share, compared to a loss of $394 million, or $0.07 per share, in the prior-year period. Adjusted income declined 17% to $3.1 billion. Adjusted diluted EPS fell 13% to $0.55, missing the forecasts of $0.57.
During the quarter, revenues in the Biopharma segment increased 7% to $10.5 billion while revenues in the Upjohn division fell 32% to $2.1 billion versus the year-ago quarter. Biopharma revenues rose 9% on an operational basis, driven by increases in Eliquis, Ibrance, Inlyta, Xeljanz and Xtandi. Revenues in Upjohn declined 32% due to volume declines for Lyrica in the US due to generic competition.
For the full year of 2020, revenues are expected to be $48.5 billion to $50.5 billion. Adjusted EPS is expected to be $2.82-2.92.
Dr. Albert Bourla, Chairman and CEO, stated, “2020 is expected to be an exciting year for Pfizer with the close of the Upjohn-Mylan transaction anticipated by mid-year, leaving New Pfizer positioned to deliver revenue and adjusted diluted EPS growth that is expected to be among the industry leaders. New Pfizer will be a smaller, science-based company with a singular focus on innovation while also continuing to allocate significant capital directly to shareholders, primarily through dividends.”
Starting from 2020, Upjohn began managing Pfizer’s Meridian subsidiary and the Mylan-Japan collaboration for generic drugs in Japan. As a result, revenues and expenses associated with these two businesses will be reported in the Upjohn division from the first quarter of 2020.
For FY2020, revenues for New Pfizer are expected to be $40.7 billion to $42.3 billion while adjusted EPS is expected to be $2.25-2.35.
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