Pfizer Inc (PFE)

[mick]

$PFE Pfizer Revenue Falls as Drugs Lose Exclusivity

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Pfizer Inc. Tuesday said revenue fell in its latest quarter as some legacy drugs lost market exclusivity.

Shares of the company are down 1.1% in premarket trading.

Pfizer said revenue in its essential health unit, which includes the antidepressant Pristiq and anti-epileptic drug Lyrica, fell 10% in the first quarter from a year earlier. Pristiq lost marketing exclusivity in the U.S. during the quarter while Lyrica and bacterial infection treatment Zyvox have been dealing with generic competition in the last few years in major markets globally.

Sales of its innovative health unit rose 5.4% driven by growth from drugs including cancer drug Ibrance, which increased 58%, and blood clot treatment Eliquis.

Total Viagra revenue fell 14% to $339 million. Lipitor revenue, meanwhile, fell 2% to $404 million.

In all for its first quarter, Pfizer reported a profit of $3.12 billion, or 51 cents a share, up from $3.04 billion, or 49 cents a share, a year prior.

On an adjusted basis, earnings were 69 cents a share, up from 67 cents. Revenue fell 1.7% to $12.78 billion.

Analysts polled by Thomson Reuters had forecast adjusted earnings of 67 cents a share on revenue of $13.09 billion.

Pfizer also reaffirmed its guidance for the year, expecting full-year revenue between $52 billion and $54 billion and adjusted earnings between $2.50 to $2.60 a share.

Write to Austen Hufford at [e-mail]


(END) Dow Jones Newswires

May 02, 2017 08:08 ET (12:08 GMT)

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