Pfizer's Stock Drops After Profit Miss, Downbeat Sales Outlook

By Tomi Kilgore Markets MarketWatch Pulse

Shares of Pfizer Inc. fell 1.3% in premarket trade Tuesday, after the drugmaker reported a fourth-quarter profit that missed expectations. The company swung to earnings of $775 million, or 13 cents a share, from a loss of $172 million, or 3 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 47 cents, below the FactSet consensus of 50 cents. Revenue declined 3% to $13.63 billion, matching the FactSet consensus, as an 8% decline in essential health revenue offset 1% growth in innovative health revenue. Looking ahead, Pfizer expects 2017 adjusted EPS of $2.50 to $2.60, compared with the FactSet consensus of $2.59, and revenue of $52.0 billion to $54.0 billion, which is below expectations of $54.5 billion. The stock has gained 2.7% over the past 12 months through Monday, while the SPDR Health Care Select Sector ETF has tacked on 4.4% and the Dow Jones Industrial Average has climbed 21%.

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