Shares of Pfizer Inc.
PFE,
+0.04%
gained 1% early Tuesday after the company beat analysts’ earnings expectations and reaffirmed its full-year 2024 guidance issued in December. The drugmaker reported a fourth-quarter net loss of $3.37 billion, or 60 cents a share, compared with net income of $4.995 billion, or 87 cents a share, in the year-earlier period. Adjusted earnings per share came to 10 cents, beating the FactSet consensus of a loss of 18 cents per share. Revenues totaled $14.249 billion in the quarter, down 41% from a year earlier and below the FactSet consensus of $14.369 billion.
An anticipated drop in COVID-related product revenues drove most of the year-over-year sales decline, Pfizer said. Tuesday’s results mark the end of a rocky year for Pfizer, when the company was forced to drastically reduce its full-year sales outlook amid waning demand for its COVID products. The company also faced setbacks in its pipeline. Pfizer said in December that it would halt development of a twice-daily formulation of experimental oral obesity drug danuglipron, after seeing high rates of side effects. Pfizer is looking to start 2024 with a “clean slate,” CEO Albert Bourla said at the J.P. Morgan Healthcare conference early this month, with its recent efforts to clear up uncertainty about COVID-related demand and write off some of its inventory of COVID products. The company is also aiming to cut costs by at least $4 billion by the end of this year, with about 70% of the savings coming from research and development. Analysts are looking for Pfizer to move past a period of off-base guidance, and many now believe the company has set conservative expectations for 2024. Tuesday’s results “should be a surprise to no one,” given management’s recent guidance and the efforts to reset expectations for the COVID business, BMO Capital Markets analyst Evan D …
Article Attribution | Read More at Article Source
PFE,
+0.04%
gained 1% early Tuesday after the company beat analysts’ earnings expectations and reaffirmed its full-year 2024 guidance issued in December. The drugmaker reported a fourth-quarter net loss of $3.37 billion, or 60 cents a share, compared with net income of $4.995 billion, or 87 cents a share, in the year-earlier period. Adjusted earnings per share came to 10 cents, beating the FactSet consensus of a loss of 18 cents per share. Revenues totaled $14.249 billion in the quarter, down 41% from a year earlier and below the FactSet consensus of $14.369 billion.
An anticipated drop in COVID-related product revenues drove most of the year-over-year sales decline, Pfizer said. Tuesday’s results mark the end of a rocky year for Pfizer, when the company was forced to drastically reduce its full-year sales outlook amid waning demand for its COVID products. The company also faced setbacks in its pipeline. Pfizer said in December that it would halt development of a twice-daily formulation of experimental oral obesity drug danuglipron, after seeing high rates of side effects. Pfizer is looking to start 2024 with a “clean slate,” CEO Albert Bourla said at the J.P. Morgan Healthcare conference early this month, with its recent efforts to clear up uncertainty about COVID-related demand and write off some of its inventory of COVID products. The company is also aiming to cut costs by at least $4 billion by the end of this year, with about 70% of the savings coming from research and development. Analysts are looking for Pfizer to move past a period of off-base guidance, and many now believe the company has set conservative expectations for 2024. Tuesday’s results “should be a surprise to no one,” given management’s recent guidance and the efforts to reset expectations for the COVID business, BMO Capital Markets analyst Evan D …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]