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Pfizer Q3 profit declined 38 percent

Staff Writer |
Pfizer reported a profit for third-quarter 2016 that declined 38 percent from last year, while quarterly revenue increased 8 percent.

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Adjusted earnings per share for the quarter missed analysts' expectations. It narrowed certain 2016 financial guidance ranges.

In addition, the company has decided to discontinue the global clinical development program for bococizumab, its investigational Proprotein Convertase Subtilisin Kexin type 9 inhibitor.

Frank D'Amelio, chief financial officer, said "We raised the midpoint of the range for our 2016 Revenue guidance primarily to reflect our strong performance to date and the inclusion of legacy Medivation operations in fourth-quarter 2016.

"The midpoint of our range for our 2016 Adjusted Diluted EPS guidance was negatively impacted solely due to our decision to discontinue development of bococizumab. Excluding this impact, the midpoint of our range for our 2016 Adjusted Diluted EPS guidance would have increased by $0.02."


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