Pfizer said adjusted earnings for the three months ending in December were pegged at 55 cents per share, down 13% from the same period last year and 3 cents shy of the Street consensus forecast. Group revenues, Pfizer said, fell 9% to $12.688 billion but came in just ahead of analysts' estimates of a $12.6 billion tally.
Looking into 2020, Pfizer said it sees revenues in the region of $40.7 billion to $42.3 billion, and adjusted earnings in the range of $2.25 to $2.35 per share.
“2020 is expected to be an exciting year for Pfizer with the close of the Upjohn-Mylan transaction anticipated by mid-year, leaving New Pfizer positioned to deliver revenue and Adjusted diluted EPS growth that is expected to be among the industry leaders," said CEO Albert Bourla."New Pfizer will be a smaller, science-based company with a singular focus on innovation while also continuing to allocate significant capital directly to shareholders, primarily through dividends."
Pfizer shares were marked 2.27% lower in early Tuesday trading following the earnings release to change hands at $39.26 each.
Lyrica, Pfizer's pain treatment which lost patent protection last year, saw sales tumble by more than two thirds to $433 million.
Pfizer also said revenues from Upjohn, its wholly-owned business that will be combined with Mylan, fell 32% to $2.156 billion, while biopharma revenues rose 7% to $10.532 billion, driven mostly by a strength in the group's Ibrance breast cancer treatment and its Xeljanz drug used by patients with rheumatoid arthritis.
Pfizer said it expects the Mylan combination to close later this year.