Pfizer (PFE) is a leading global provider of anti-infective medicines, offering patients access to a diverse portfolio of more than 80 products.
Pfizer reported quarterly profits on Tuesday, falling short of market estimates for the first time in the last two years. Sale of its patent drug Lyrica for pain treatment declined by 4% at $38.51. The drugmaker reported high operating costs and said it will no longer rely on share repurchases to drive growth. The company bought back nearly $9 billion of its own shares in 2019. Total revenue dropped 9% to $12.69 billion in the fourth quarter, with Lyrica sales plunging 67% to $433 million due to generic competition. Sales of breast cancer drug Ibrance, a major contributor increased 13% to $1.28 billion in the quarter missing consensus estimate of $1.35 billion, according to Refinitiv data.
“We will focus instead on increasing the dividend and investing in the business during this period of growth,” stated Chief Financial Officer Frank D’Amelio.
Chief Executive Officer, Albert Bourla said Pfizer would not need such “financial engineering” to produce growth. The drugmaker raised its full-year adjusted earnings of $2.25 to $2.35 per share excluding the Upjohn unit.
Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.
Stay Informed! Stay Competitive!