Pfizer 3rd-qtr sales rise, but EPS shy of forecasts

US pharma giant Pfizer (NYSE: PFE) today reported third-quarter 2016 financial results, showing that net profit  for the period was $1.3 billion, down 38% from the like, year-ago period, due in part to lost patent exclusivity on some key drugs.

Revenues were $13.0 billion, up 7.9%, and in line with analysts’ forecasts. Third-quarter earnings per share were $0.62, just short of the $0.62 average of predictions compiled by Bloomberg.

For full-year 2016, Pfizer expects adjusted earnings per share of $2.42 to $2.47 a share, excluding costs of $0.04 for the discontinuation of the bococizumab development program (see separate story). Revenues for the full year are expected to be in the range of $52.0 billion to $53.0 billion, increasing the low end of the revenue forecast by $1 billion.