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

FILE PHOTO: The Pfizer logo is seen at their world headquarters in Manhattan, New York, U.S., August 1, 2016. REUTERS/Andrew Kelly

(Reuters) – Pfizer Inc (PFE.N) posted a quarterly profit on Tuesday that came in below Wall Street estimates, as sales of breast cancer drug Ibrance fell short of expectations.

Under Albert Bourla, who took the helm at the start of last year, Pfizer has streamlined operations and announced plans to separate its off-patent branded drugs business, Upjohn, and combine it with generic drugmaker Mylan NV (MYL.O).

The company said it expects 2020 adjusted earnings per share to be in the range $2.82 to $2.92. Excluding Upjohn unit, it expects full-year adjusted earnings in the range $2.25 to $2.35 per share.

Sales of breast cancer drug Ibrance rose 13.2% to $1.28 billion in the fourth quarter, but missed the consensus estimate of $1.35 billion, according to IBES data from Refinitiv.

Revenue fell 9% to $12.69 billion, partly hurt by intense competition for its pain treatment Lyrica that lost patent protection last year.

Excluding items, it earned 55 cents per share, missing the average analyst estimate of 58 cents per share.

Net loss attributable to Pfizer narrowed to $337 million, or 6 cents per share, in the quarter, from $394 million, or 7 cents per share, a year earlier.

Reporting by Saumya Sibi Joseph and Tamara Mathias in Bengaluru; Editing by Arun Koyyur and Saumyadeb Chakrabarty


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