Pfizer Shares Slump Premarket As Profit Falls Short, Company Offers Softer-than-expected Outlook

Pfizer Inc. shares tumbled 2.2% in premarket trade Tuesday, after the company missed third-quarter profit and sales estimates and offered a below-consensus outlook for the full year. The drugs company said it had net income of $1.32 billion, or 21 cents a share, in the quarter, down from $2.13 billion, or 34 cents a share, in the year-earlier period. Adjusted per-share earnings came to 61 cents, a penny below the FactSet consensus of 62 cents. Revenue rose 8% to $13.045 billion from $12.087 billion, compared with a FactSet consensus of $13.055 billion. The company said it now expects full-year revenue of $52.0 billion to $53.0 billion, compared with a previous outlook of $51.0 billion to $53.0 billion. It expects adjusted full-year EPS of $2.38 to $2.43, compared with previous guidance of $2.38 to $2.48. The FactSet consensus is for full-year revenue of $53.1 billion and EPS of $2.46. Shares are down 1.7% in the year to date, while the Dow Jones Industrial Average has gained 4%.