Pfizer 3rd-qtr profits slump on lower than expected sales; EU says "no" to Gaucher drug

2 November 2012

US pharma behemoth Pfizer (NYSE: PFE) saw it shares fall 1.1% to $24.59 in morning trading yesterday, when the company reported financial results for third-quarter 2012 showing a 16% slump in sales to $13.98 billion, and considerably less than analysts’ expectations of $14.64 billion.

This reflects an operational decline of $1.9 billion, or 12%, and the unfavorable impact of foreign exchange of $699 million, or 4%. Sales of now off-patent in the USA mega-blockbuster cholesterol lower Lipitor (atorvastatin) were weaker than expected, falling 71% worldwide to $749 million and nosedived 87% in the USA. There was also disappointing revenues of the firm’s pediatric vaccine Prevnar, down 12% to $868 million.

Third-quarter reported net income was $3.2 billion, a decrease of 14%, and reported diluted earnings per share were $0.43, a drop of 10% compared with $0.48 in third-quarter 2011. Excluding one-time items, EPS was $0.53 compared with analysts’ expected $0.52.

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