Drugmaker Pfizer has been steadily working through a major slim down to focus on developing innovative new drugs, in a Jan. 28, 2020 story. (Photo by THE ASSOCIATED PRESS)

Pfizer posts 4Q loss, misses Street views, on lower revenue

Drugmaker Pfizer reported a $337 million loss in its fourth quarter after it shifted its consumer health business into a joint venture last year. The company narrowly missed Wall Street’s profit expectations.

The biggest U.S. drugmaker, on Tuesday reported net loss of 6 cents per share. In the year-earlier quarter, Pfizer lost $394 million, or 7 cents per share.

Adjusted earnings of $3.11 billion just missed the $3.24 billion expected by analysts surveyed by FactSet.

Revenue totalled $12.69 billion in the October-December quarter. That topped the $12.61 billion that analysts were expecting, but was 9% lower than a year earlier. Sales in emerging markets like China and India jumped 14%.

Pfizer’s innovative prescription drug business posted revenue of $10.53 billion in the quarter, led by Prevnar 13, Eliquis, rheumatoid arthritis pill Xeljanz and breast cancer pill Ibrance.

Its Upjohn business, which sells off-patent drugs such as Lipitor and Viagra, had revenue of $2.16 billion in the latest quarter.

In premarket trading, Pfizer shares fell 42 cents, or 1.1%, to $39.74.

The company has been steadily working through a major slim down to focus on developing innovative new drugs.

Last July, Pfizer moved its huge stable of nonprescription medicines into a new joint venture with partner GlaxoSmithKline. Pfizer owns 32% of the JV, which brought Pfizer a profit of $129 million in the quarter. Meanwhile, Pfizer plans to combine its Upjohn business with generic drugmaker Mylan by mid-summer to create a new drugmaker called Viatris.

Pfizer noted it has three recently approved biosimilar drugs, near-copies of pricey biologic drugs “manufactured” in living cells, that have just launched or will by mid-February. Those are versions of three widely used cancer drugs, Herceptin, Avastin and Rituxan. The biosimilars are being sold for nearly 25% less than the list price of the now off-patent brand-name version as Pfizer aims to be atop seller of these injected medicines.

Pfizer also noted that during 2019, it spent $8 billion on shareholder dividends and $8.9 billion on share repurchases.

Pfizer Inc., based in New York, forecast adjusted net income of $2.82 to $2.92 per share, on revenue of $48.5 billion to $50.5 billion, for all of 2020.

By The Associated Press

Business

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Company walks away from massive oilsands project

VANCOUVER — Teck Resources Ltd. has withdrawn its application for a massive… Continue reading

Fort Macleod, Alta., to get special advance screening of new ‘Ghostbusters’ film

There will be something strange in the neighbourhood of Fort Macleod, Alta.,… Continue reading

Hundreds turn up at Coldest Night of Year walk in Red Deer

It wasn’t the coldest night of the year, which probably helped the… Continue reading

Police in Saskatoon shoot two dogs that attacked man, then advanced on officers

SASKATOON — Police in Saskatoon say officers had to open fire at… Continue reading

Alberta and two First Nations make deal for proposed oilsands mine

EDMONTON — The Alberta government has struck deals with two northern Alberta… Continue reading

Fashion Fridays: The 8 best quality online stores! Shop the ultimate sales

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

Your community calendar

Feb. 19 A Liberation of Holland event is being held at the… Continue reading

Sylvan Lake Wranglers comeback to nab OT win in Game 2 over Red Deer Vipers

The Sylvan Lake Wranglers have a knack for the dramatics early in… Continue reading

Wranglers win wild Game 1 double OT thriller over Red Deer Vipers

The best-of-seven series continues Sunday in Sylvan Lake

Kings and Queens basketball triumph over Ambrose, keep playoff hopes alive

Guard Sandra Garica-Bernal sets new Queens all-time steals mark

Five things to watch for in the Canadian business world in the coming week

TORONTO — Five things to watch for in the Canadian business world… Continue reading

View of a longtime economist: Slower growth but no recession

WASHINGTON — In this high-profile election year, the U.S. economy boasts an… Continue reading

Amy, chasing: Klobuchar, already beating odds, faces uphill climb

WASHINGTON — It’s been a running gag ever since she launched her… Continue reading

B.C. money laundering inquiry to begin amid hopes for answers, accountability

VANCOUVER — British Columbia’s attorney general hopes an inquiry into money laundering… Continue reading

Most Read