Drug Discovery and Development

  • Home Drug Discovery and Development
  • Drug Discovery
  • Genomics/Proteomics
  • Oncology
  • Neurological Disease
  • Infectious Disease
  • Orphan Drugs
  • R&D 100 Awards

Pfizer dips on bottom-line slide, missed revenue projections

By Sean Whooley | October 28, 2020

PfizerPfizer (NYSE:PFE) shares fell today on third-quarter results that came up short of the consensus revenue forecast.

The New York-based company posted profits of $2.2 billion, or 39¢ per share, on sales of $12.1 billion for the three months ended Sept. 30, 2020, for a -71.4% bottom-line slide on a sales decline of -4.3.

Adjusted to exclude one-time items, earnings per share were 72¢, 1¢ ahead of Wall Street, where analysts were looking for sales of $12.3 billion.

The company noted that it experienced an impact of approximately $500 million (4%) as a result of the COVID-19 pandemic, primarily driven by lower demand for certain products in China and disruptions to wellness visits for patients in the U.S.

However, Pfizer is at the forefront of the push to produce the first safe and effective COVID-19 vaccine, with the company expecting an application for FDA emergency use authorization to come potentially in late November.

“As we enter the final stretch of what has been a historically challenging year for the world, I could not be more proud of the extraordinary effort, dedication and resolve shown by Pfizer colleagues to address the COVID-19 pandemic with unprecedented speed, while never compromising on their commitment to the patient-centered, science-driven standards that guide everything we do,” Pfizer CEO Albert Bourla said in a news release. “I am more confident than ever in Pfizer’s future as we transition to a smaller, more agile, science-based pharmaceutical company with what we believe is an industry-leading innovative pipeline, a portion of which we were pleased to highlight at our recent investor day event.”

Pfizer said it now expects to log adjusted EPS of $2.88 to $2.93, compared with $2.85 to $2.95 previously, and updated its prior sales guidance for between $48.8 billion to $49.5 billion, having previously been set at $48.6 billion to $50.6 billion.

PFE shares were down -4.5% at $35.74 per share in mid-afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down -2.8%.

Tell Us What You Think! Cancel reply

Related Articles Read More >

AstraZeneca-Oxford
Study finds AstraZeneca COVID-19 vaccine could be effective against Brazil variant
RCSB Protein Data Bank now has more than 1,000 SARS-CoV-2 proteins
Data sciencea
Q&A: Keys to unlock data science potential for drug discovery
Ivermectin not supported for mild COVID-19, study says

DeviceTalks Tuesdays

DeviceTalks Tuesdays

MEDTECH 100 INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.

Need Drug Discovery news in a minute?

We Deliver!
Drug Discovery & Development Enewsletters get you caught up on all the mission critical news you need. Sign up today.
Enews Signup

R&D Twitter

Tweets by @RandDWorld
Drug Discovery and Development
  • Enews Signup
  • Contact Us
  • R&D World
  • Pharmaceutical Processing
  • Drug Delivery Business News

Copyright © 2021 WTWH Media LLC. All Rights Reserved. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media
Privacy Policy | Advertising | About Us

Search Drug Discovery

  • Home Drug Discovery and Development
  • Drug Discovery
  • Genomics/Proteomics
  • Oncology
  • Neurological Disease
  • Infectious Disease
  • Orphan Drugs
  • R&D 100 Awards