By Michael Calia
Pfizer Inc. issued downbeat guidance for the new year, citing
the stronger U.S. dollar and recent drug-patent losses, and
reported a decline in sales in the most recent period.
The drug maker's fourth-quarter results beat expectations,
however.
The company said it expected to post $2 to $2.10 a share in
earnings and $44.5 billion to $46.5 billion in revenue for the new
year. Analysts polled by Thomson Reuters were projecting $2.18 a
share in earnings and $47.56 billion in revenue.
Pfizer has had to combat a wave of patent expirations weighing
on sales. The company has forged development partnerships and
sought to make deals in a busy time for pharmaceuticals mergers and
acquisitions. The company, however, failed in its $120 billion bid
to take over AstraZeneca PLC last year.
Pfizer has sought to broaden its reach into high-growth areas,
including vaccines. On Monday, the company said it would cut the
price of its pneumococcal vaccine for the third time in three years
as the industry faces criticism over expensive vaccine prices.
Earlier this month, meanwhile, Pfizer bought a controlling interest
in Redvax GmbH, which is producing a potential herpes vaccine.
Pfizer posted a profit of $1.23 billion, or 19 cents a share,
down from $2.57 billion, or 29 cents a share, in the prior-year
period. Excluding certain items, per-share earnings fell to 54
cents from 56 cents.
Revenue fell 3.3% to $13.12 billion.
Analysts polled by Thomson Reuters had projected 53 cents a
share and $12.9 billion in revenue.
Write to Michael Calia at michael.calia@wsj.com
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