Pfizer Inc. (PFE - Get Report) posted stronger-than-expected third-quarter earnings Tuesday, the last under the leadership of outgoing CEO Ian Read, but narrowed its guidance range for full-year sales.
The stock declined 1.1% on Tuesday.
Pfizer, a component of the Dow Jones Industrial Average, said adjusted earnings for the three months ended in September came in at 78 cents a share, topping the Street consensus of 75 cents and rising 16.4% from the same period last year. Group revenues, the company said, were pegged at $13.3 billion up 1% from the third quarter in 2017 but just shy of analysts' estimates of $13.55 billion. Pfizer also said full year sales would come within a range of $53 billion to $55 billion, a figure that is around $2 billion lower at the top end.
"We believe we are well-positioned to develop and commercialize differentiated new medicines, creating sustainable value for shareholders and patients," said outgoing CEO Ian Read. "Our new organizational structure allows us to focus on maximizing the opportunity of our in-market products, advancing key pipeline programs and accelerating growth in emerging markets."
Earlier this month, Pfizer said that Read, who has led the pharmaceutical giant since 2010, would be replaced by current Chief Operating Officer Albert Bourla but would transition to executive chairman.
Pfizer said at the time that it would boost its full full-year earnings guidance by 5 cents, to a range of $2.95 to $3.05 per share, while at the same time lowering the mid-point of its 2018 revenue guidance by $500 million to "reflect unfavorable changes in foreign exchange rates" and a stronger U.S. dollar following stronger-than-expected second quarter earnings.
The U.S. dollar index, which tracks the greenback against a basket of six global currency peers, rose 0.7% over the three months ending in September and 1.33% against the European single currency.
Today's earnings guidance points to full year earnings in the range of $2.98 to $3.02, a figure that matches the estimate it published alongside its second quarter earnings in July.
Breaking down product sales for the quarter shows that Lyrica, is key epilepsy treatment, saw revenues fall 1.5% to $1.132 billion while its blockbuster Prevnar vaccine rose 9% to $1.66 billion. Ibrance, its breast cancer treatment, saw sales rise 16.7% to $1.025 billion.