Pharmaceutical giant Pfizer beat Wall Street analysts’ third-quarter earnings expectations but fell short on revenue and narrowed its full-year forecast.
Shares of Pfizer fell nearly 1 percent Tuesday in premarket trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: 78 cents, adjusted, vs. 75 cents expected
- Revenue: $13.3 billion vs. $13.53 billion expected
Pfizer reported third-quarter net income of $4.11 billion, or 69 cents per share, up from $2.84 billion, or 47 cents per share a year earlier. Excluding items, Pfizer earned 78 per share, more than the 75 cents per share expected by analysts surveyed by Refinitiv.
Net sales rose 1 percent to $13.3 billion, shy of the $13.53 billion analysts had expected.
For the full year, Pfizer narrowed its revenue forecast to between $53 billion and $53.7 billion from the previously guided $53 to $55 billion. For adjusted earnings, Pfizer expects between $2.98 and $3.02 from a previously given estimate $2.95 and $3.05.
