Pharmaceutical giant Pfizer Inc. (NYSE:PFE) this morning posted mixed third quarter results and adjusted its full-year outlook, which will likely fall short of expectations.
The New York City-based company reported Q3 EPS of $0.61, barely missing Wall Street’s $0.62 per share estimate. Revenue rose 7.9% from last year to $13.04 billion, narrowly edging out analysts’ view for $13.03 billion.
Looking ahead, PFE lowered the top-end of its full-year earnings guidance. The company now expects 2016 EPS ranging from $2.38 to $2.43, down from a prior $2.38 to $2.48 estimate. On average, Wall Street analysts are looking for $2.47 per share for the year.
Pfizer raised the low-end of its full-year revenue outlook, however. It now expects 2016 revenues of $52.0 to $53.0 billion, up from $51.0 to $53.0 billion previously. Analysts expect a higher total of $53.15 billion in revenue for the year.
CFO Frank D’Amelio commented via press release:
“We raised the midpoint of the range for our 2016 Revenue guidance primarily to reflect our strong performance to date and the inclusion of legacy Medivation operations in fourth-quarter 2016. The midpoint of our range for our 2016 Adjusted Diluted EPS guidance was negatively impacted solely due to our decision to discontinue development of bococizumab. Excluding this impact, the midpoint of our range for our 2016 Adjusted Diluted EPS guidance would have increased by $0.02.”
Like many biotech/pharma plays, Pfizer has underperformed this year as worries persist about increased health care regulation following this month’s pivotal presidential election. Hillary Clinton has pledged to limit the prices that drug makers can charge for medications, while Donald Trump has espoused a more laissez faire approach to the biotech industry.
Pfizer shares fell $1.10 (-3.47%) to $30.61 in premarket trading Tuesday. Prior to today’s report, PFE had fallen 1.77%, versus a 4.25% gain in the benchmark S&P 500 during the same period.