Pfizer dips on bottom-line slide, missed revenue projections

Pfizer (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%.