Industryweek 3129 Pfizer Logo

After a Tough Third Quarter, Pfizer Lowers Guidance

Nov. 1, 2012
Pfizer, the world's largest drug maker, lowered its outlook for 2012 after a tough third quarter hit by the loss of exclusivity on its blockbuster Lipitor.

Pfizer Inc. (IW 1000/17), the world's largest drug maker, lowered its outlook for 2012 after a tough third quarter hit by the loss of exclusivity on its blockbuster Lipitor.

Third-quarter net income fell 14% from a year earlier to $3.2 billion, the New York-based company said.

Revenue dropped 16% to $14 billion.

Pfizer lowered its full-year revenue estimate to a range between $58 billion and $59 billion, from a prior top-end estimate of $60 billion.

The company said it now expects 2012 earnings per share between $2.14 and $2.17, instead of the $2.12 to 2.22 it previously estimated.

The lowered guidance fell short of analysts' forecasts of $59.47 billion in revenue and earnings of $2.21 per share.

"Overall, our results this quarter reflect continued product losses of exclusivity, most notably Lipitor in all major markets," said Ian Read, Pfizer chairman and chief executive.

The company lost exclusivity on its blockbuster anti-cholesterol drug Lipitor on Nov. 30, 2011, and faces stiff competition from generic versions.

Read said worldwide revenues from many of the Pfizer's key medicines, including Enbrel, Celebrex and Lyrica, continue to grow operationally "despite a challenging and dynamic environment."

He cited continued strong performances in emerging markets, especially in China, due to the company's wide portfolio of medicines and focused investment strategy.

Copyright Agence France-Presse, 2012

Popular Sponsored Recommendations

The Manufacturer's Guide to Modernizing Commercial Operations

Sept. 12, 2023
In this guide, learn how a modern approach to commercial operations can help your manufacturing business integrate sales and revenue management to elevate seller productivity ...

Food and Beverage 2024 Trends and Outlook for North America

Oct. 29, 2023
Ready to hear what 200 of your peers said are the top challenges and opportunities in 2024? Don’t fall behind. Uncover actionable insights to better prepare for 2024 in this whitepaper...

The Benefits of Continuous Thermal Monitoring

Oct. 17, 2023
Read this eBook to learn more about collecting and using data intelligently to improve performance.

Digitally Transforming Data and Processes With Product Lifecycle Management

Oct. 29, 2023
Manufacturers face increasing challenges in product development as they strive to consistently deliver improved results. Discover how industry leaders are improving time-to-market...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!