Pharmaceutical giant Pfizer reported fourth-quarter earnings and revenue on Tuesday that beat Wall Street’s expectations but guidance for 2019 came below estimates.
Shares of Pfizer fell more than 3 percent in premarket trading.
Here’s how the company did compared with what Wall Street expected:
- Earnings: 64 cents per share vs. 63 cents per share forecast by Refinitiv
- Revenue: $13.97 billion vs. $13.89 billion forecast by Refinitiv
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.
“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,” Pfizer CEO Albert Bourla said in a press release.
The earnings report marks Bourla’s first since becoming CEO on Jan.1, succeeding Ian Read. The company announced plans to shuffle the company’s senior management team in October, and has been focused on bulking up its pipeline of drugs and therapies, especially in oncology, ahead of impending patent expirations.
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