Pfizer reports disappointing first quarter

Markus MacGill

pharmaphorum

Pfizer has missed analysts’ estimates for first-quarter financial performance and has revised its forecast for total 2013 earnings.

Pfizer’s first-quarter sales generated $13.5 billion, almost half a billion dollars short of analysts’ estimates of $13.94 billion. Revenue for Prevnar pneumococcal vaccine and Viagra (sildenafil) was disappointing versus expectations.

“As we begin 2013, we continue to generate attractive returns for our shareholders. We are clearly seeing the benefits of the investments we’ve been making in our innovative core, as evidenced by recent key product launches…”

Ian Read, chairman and chief executive, Pfizer.

Pfizer says it expects full-year earnings to be $2.14 to $2.24 for each share, versus its previous forecast between $2.20 and $2.30.

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Related news:

Pfizer Lowers 2013 Forecast After Sales Miss Analyst Estimates (Bloomberg)

Pfizer results fall short, company trims profit forecast (Reuters)

Reference links:

Pfizer press release