Pharmaceutical giant Pfizer (NYSE: PFE) beat Wall Street analysts' third-quarter earnings expectations Tuesday but fell short on revenue and narrowed its full-year forecast.
Shares of Pfizer fell 72 cents, or 1.7% Tuesday in early trading to $42.51.
Earnings per share registered at 78 cents, adjusted, vs. 75 cents expected. Revenue proved to be $13.3 billion vs. $13.53 billion expected
Pfizer reported third-quarter net income of $4.11 billion, or 69 cents per share, up from $2.84 billion, or 47 cents per share, a year earlier.
Excluding items, Pfizer earned 78 per share, more than the 75 cents per share expected by analysts.
Net sales rose 1% to $13.3 billion, shy of the $13.53 billion analysts had expected.
Innovative health revenue increased 4% to $8.47 billion, boosted by sales of blood thinner Eliquis and breast cancer drug Ibrance outside of the U.S., among others. Essential health revenue fell 4% to $4.38 billion, with generic versions of Viagra entering the market.
For the full year, Pfizer narrowed its revenue forecast to between $53 billion and $53.7 billion from the previously guided $53 billion to $55 billion. For adjusted earnings, Pfizer expects between $2.98 and $3.02 from a previously given estimate $2.95 and $3.05.
Pfizer attributed the revenue changes to shortages of its Hospira Sterile Injectable Pharmaceuticals product in the U.S. and weakening currency in some emerging markets and the euro starting this summer.
Pfizer said it bought back $1.1 billion of its shares during the quarter, bringing its total so far this year to $9 billion. It expects to repurchase about $12 billion in total this year.
