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Last Update: 30-Apr-13 07:52 ET
Pfizer shares fall 5% following miss on EPS and revenues and lowered guidance
Pfizer (PFE $29.00 -1.39) reported first earnings of $0.54 per share, excluding non-recurring items, $0.01 worse than the Capital IQ consensus of $0.55, while revenues fell 9.3% year/year to $13.5 billion versus the $13.98 billion consensus. The operational decrease was primarily the result of the losses of exclusivity of Lipitor during second-quarter 2012 in developed Europe and Geodon in March 2012 in the U.S., the impact of purchasing patterns of Prevnar/Prevenar 13 in various markets, and certain other events, primarily within the Emerging Markets unit highlighted below. Lipitor sales -55.1% yoy to $626 million. Lyrica sales +11.6% yoy to $1066 million Enbrel sales -2.4% yoy to $877 million. Prevnar 13 / Prevenar 13 sales -10.1% yoy to $846 million. The company issued guidance for fiscal year 2013 to reflect the impact of recent changes in FX and the Zoetis IPO, lowers EPS to $2.14-2.24, excluding non-recurring items, from $2.20-2.30 vs. $2.27 Capital IQ Consensus Estimate; lowers FY13 revs to $55.3-57.3 bln from $56.2-58.2 billion versus the $57.25 billion consensus. Revenues and expenses of Zoetis continue to be included in the 2013 financial guidance, except that Adjusted and Reported Diluted EPS guidance excludes the earnings from the 19.8% divested interest effective February 7, 2013. The financial guidance has been updated to reflect the following: Reported Revenues: The changes in foreign exchange rates in relation to the U.S. dollar from mid-January 2013 to mid-April 2013, notably the weakening of the Japanese yen. Adjusted Diluted EPS: The aforementioned changes in foreign exchange rates ($0.04 per share) as well as the impact of the Zoetis IPO ($0.02 per share) noted above. which reflects an operational decline of $1.3 billion, or 8%, and the unfavorable impact of foreign exchange of $118 million, or 1%.
