Pfizer Inc. (NYSE: PFE) reported its first-quarter financial results before the markets opened on Tuesday.
The company posted $0.77 in earnings per share (EPS) on $12.91 billion in revenue. Consensus estimates from Thomson Reuters had called for $0.75 in EPS on revenue of $13.15 billion. In the same period of last year, Pfizer said it had EPS of $0.69 and $12.78 billion in revenue.
As for its segments, Pfizer reported its quarterly numbers as follows:
- The Innovative Health segment revenues grew 6% year over year to $7.83 billion, primarily driven by continued growth from key brands, including Ibrance, Eliquis and Xeljanz. Global operational revenue growth for Ibrance, Eliquis and Xeljanz was 35%, 30% and 29%, respectively.
- Essential Health segment revenues shrank 9% to $5.08 billion, negatively impacted primarily by a 15% operational decline from the Sterile Injectable Pharmaceuticals portfolio, primarily due to continued legacy Hospira product shortages in the United States. The segment’s operational revenue growth also was negatively affected by a 15% operational decline from the Peri-LOE Products portfolio, primarily due to expected declines in Lyrica in developed Europe and Pristiq in the United States.
Looking ahead to the 2018 full year, Pfizer expects to have EPS in the range of $2.90 to $3.00 and revenues between $53.5 billion and $55.5 billion. The consensus estimates call for $2.95 in EPS on $54.46 billion in revenue for the year.
Ian Read, Pfizer’s board chair and chief executive, commented:
Our first-quarter 2018 financial results were solid, driven by continued strength from our anchor brands, primarily Ibrance, Eliquis and Xeljanz. The Essential Health business delivered strong growth in emerging markets and biosimilars but was negatively impacted by continued legacy Hospira product supply shortages in the U.S. as well as product losses of exclusivity. We remain focused on executing our commercial strategies, managing expenses, advancing our pipeline and prudently allocating our capital to position Pfizer for sustainable success.
Shares of Pfizer traded down about 2% early Tuesday at $35.91. The consensus analyst price target is $40.11, and the 52-week trading range is $31.67 to $39.43.