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Pfizer Q1 net income increased year-over-year

Staff Writer |
Pfizer reported first-quarter adjusted EPS of $0.69 compared to $0.67, prior year.

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Reported net income increased year-over-year to $3.12 billion or $0.51 per share compared to $3.04 billion or $0.49 per share, previous year.

First-quarter 2017 revenues totaled $12.78 billion, a decline of 2% compared to the prior-year quarter, reflecting an operational decline of 1%, and the unfavorable impact of foreign exchange of 1%. Analysts expected revenue of $13.09 billion for the quarter.

Excluding the revenues for HIS in both periods and the unfavorable impact of foreign exchange, first-quarter 2017 revenues increased 1%.

First-quarter 2017 revenues excluding the net impact of acquisitions and divestitures completed in 2016 and 2017 were flat operationally compared to first-quarter 2016.

First-quarter Essential Health revenues declined 9% operationally, primarily resulting from a 23% operational decline from Peri-LOE Products, including Pristiq in the U.S., which lost marketing exclusivity in the U.S. in March 2017, Lyrica in most developed Europe markets and Zyvox in developed Europe and in the U.S., a 68% decline in HIS revenues, reflecting its February 3, 2017 divestiture, and a 5% operational decline from Legacy Established Products.

Innovative Health revenues increased 6% operationally in first-quarter 2017. Global Prevnar 13/Prevenar 13 revenues declined 7% operationally. In the U.S., Prevnar 13 revenues decreased 9%.

For fiscal 2017, Pfizer continues to expect: revenues in the range of $52.0 to $54.0 billion; and adjusted EPS in the range of $2.50 to $2.60. Analysts expect the company to report profit per share of $2.55 on revenue of $53.15 billion.


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