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Pfizer saw Q2 good results although revenue went down

Staff writer |
Pfizer said its second-quarter results topped expectations, although its revenue declined as the company continued to see pressure from losing exclusivity on some products.

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Pfizer lowered its revenue outlook for the year to a range of $48.7 billion to $50.7 billion, from its previous range of $49.2 billion to $51.2 billion.

"We updated our 2014 adjusted revenue guidance to reflect the anticipated negative impact associated with expected multi-source generic competition for Celebrex in the U.S. beginning in December," chief financial officer Frank D'Amelio said in a news release.

The company said its earnings guidance, which was unchanged, absorbs about five cents a share in negative impacts from the loss of Celebrex exclusivity and an impact reflecting an upfront payment of $80 million to Cellectis in the companies' collaboration on cancer immunotherapies. The stable profit outlook "reflects our financial flexibility and confidence in the business going forward," Mr. D'Amelio said.

The company posted earnings of $2.91 billion, or 45 cents a share, down from $14.1 billion, or $1.98 a share, in the prior-year period. Results for the same period a year ago included about $10.5 billion in pretax benefits from selling its animal-health unit, as well as a legal settlement.

Excluding items, such as benefits from the sale of its animal-health unit and a legal settlement in the same period a year earlier, earnings rose to 58 cents a share from 56 cents.

Revenue decreased 1.5% to $12.77 billion.

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