Pfizer: cuts 2019 forecasts due to new joint venture
(CercleFinance.com) - Pfizer on Monday cut its 2019 forecasts due to the creation of a consumer healthcare joint venture with GlaxoSmithKline and the acquisition of Array BioPharma.
Although second-quarter results beat expectations, the US drugmaker lowered its full-year sales and earnings forecasts, as it is set to deconsolidate its consumer healthcare business from 1 August.
Pfizer said it now expects company revenue of between 50.5 billion dollars and 52.5 billion dollars in 2019, lower than the 52-54 billion dollars seen earlier this year.
The company also trimmed its 2019 EPS outlook to between 2.76 dollars and 2.86 dollars. In April, it forecast between 2.83 dollars and 2.93 dollars.
Pfizer earned 4.52 billion dollars, or 80 cents per share, in the second quarter, compared with 4.59 billion dollars, or 77 cents per share, last year, while the consensus was expecting 75 cents a share.
Group revenue fell by 2% to 13.26 billion dollars.
As a reminder, Pfizer today announced a definitive agreement to combine its biosimimar business with the generic unit of Mylan.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Although second-quarter results beat expectations, the US drugmaker lowered its full-year sales and earnings forecasts, as it is set to deconsolidate its consumer healthcare business from 1 August.
Pfizer said it now expects company revenue of between 50.5 billion dollars and 52.5 billion dollars in 2019, lower than the 52-54 billion dollars seen earlier this year.
The company also trimmed its 2019 EPS outlook to between 2.76 dollars and 2.86 dollars. In April, it forecast between 2.83 dollars and 2.93 dollars.
Pfizer earned 4.52 billion dollars, or 80 cents per share, in the second quarter, compared with 4.59 billion dollars, or 77 cents per share, last year, while the consensus was expecting 75 cents a share.
Group revenue fell by 2% to 13.26 billion dollars.
As a reminder, Pfizer today announced a definitive agreement to combine its biosimimar business with the generic unit of Mylan.
Copyright (c) 2019 CercleFinance.com. All rights reserved.