Pfizer Beats Profit Expectations, But Provides Downbeat Outlook

Pfizer Inc. reported on Tuesday fourth-quarter earnings of $613 million, or 10 cents per share, compared with $1.228 billion, or 19 cents per share the same period a year ago. The latest results include three months of legacy Hospira global operations, Pfizer said. Adjusted EPS was 53 cents per share, above the FactSet consensus of 52 cents per share. Revenue rose to $14.05 billion from $13.12 billion, above the FactSet consensus of $13.58 billion. For 2016, the company said it expects "significant negative currency impact related to Venezuela." Not including the effects of its pending inversion with Allergan plc, Pfizer said it expects adjusted EPS of $2.20 to $2.30, including the impact of currencies, compared to the FactSet consensus of $2.38 per share. Revenue in 2016 is expected to be $49 to $51 billion including the currency impact, compared to the FactSet consensus of about $53 million. Pfizer stock slipped 0.6% in pre-market trade. The stock had lost 14% in the last three months through Monday, while the S&P 500 has declined 7.83%.