Pharmaceutical giant Pfizer (NYSE:PFE) reported fourth-quarter earnings and revenue on Tuesday that beat Wall Street’s expectations but guidance for 2019 came below estimates.
Earnings for the drug giant came in at 64 cents per share vs. 63 cents per share forecast by experts. Revenue was $13.97 billion vs. $13.89 billion forecast.
The company sustained a net loss, however, of $394 million in the fourth-quarter, in contrast with the net gain of $12.2 billion in the prior-year quarter.
CEO Albert Bourla, stated, "2018 was highlighted by solid financial performance, shareholder-friendly capital allocation, the strengthening of our pipeline and the formation of our new commercial structure designed to transition the company to a period post-2020 where we expect a higher and more sustained revenue growth profile.
"We enter 2019 with confidence in the competitive positioning of our businesses, the prospects for our recently launched products and product line extensions, as well as the strength and breadth of our research pipeline.
"Our focus remains on advancing science and innovation in areas that we believe will serve the unmet needs of patients and also create the most attractive opportunities for value creation."
Pfizer expects 2019 earnings between $2.82 a share and $2.92 a share, below the $3.04 estimate Wall Street expected. It sees revenue for 2019 between $52 billion and $54 billion, in line with estimates.
Shares in Pfizer gained 41 cents, or 1%, to $39.93, within a 52-week trading range of $33.20 to $46.47.
