Visitors Now:
Total Visits:
Total Stories:
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Pfizer trims 2016 profit forecast as it scraps cholesterol drug

Tuesday, November 1, 2016 8:41
% of readers think this story is Fact. Add your two cents.

(Before It's News)

US drug giant Pfizer Inc (NYSE:PFE) has trimmed its earnings forecast for the current year by four cents after it announced that it was scrapping the development of cholesterol-lowering treatment.

To compound the news, the company reported an adjusted profit of 61 cents per share for its third quarter which narrowly missed analyst forecasts by one cent.

Pfizer – the largest drug company in the United States – lowered the upper end of its adjusted earnings forecast for this year to US$2.43 from US$2.48, although it maintained the lower end at US$2.38.

In the three months to the end of September, Pfizer’s new breast cancer treatment, Ibrance, generated sales of US$550mln, missing Wall Street expectations of around US$576mln.

Similarly, its Lyrica pain reduction drug also came in short of analyst expectations having recorded sales of US$1.05bn, although its Prevnar vaccine generated US$1.54bn, above market forecasts of US$1.48bn.

It wasn’t such good news for Pfizer’s cholesterol-lowering drug bococizumab, after its development was scrapped because of the “evolving treatment landscape”.

The drug was always going to struggle given that two rival drugs hit the market last summer.

Pfizer’s shares were down a little more than 1% to US$31.28.

Story by ProactiveInvestors

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.