Pfizer Posts Smaller 3Q Profit, Revenue as Demand Declines During Pandemic
October 27 2020 - 7:43AM
Dow Jones News
By Matt Grossman
Pfizer Inc. Tuesday logged a smaller profit year over year in
the latest quarter as reduced demand during the coronavirus
pandemic dragged on the company's sales.
The New York City-based drug and consumer-health company
recorded a third-quarter profit of $2.19 billion, or 39 cents a
share, compared with a profit of $7.68 billion, or $1.36 a share,
in the same three-month period a year earlier.
On an adjusted basis, Pfizer's profit was 72 cents a share.
Analysts polled by FactSet were expecting an adjusted profit of 70
cents a share.
Revenue was $12.13 billion, down from $12.68 billion in the same
three-month period a year earlier. Analysts were forecasting
revenue of $12.31 billion.
Sales from the company's biopharma division grew 3% to $10.22
billion. Revenue from Upjohn, which Pfizer expects to spin off in a
combination with Mylan N.V. before the end of the year, declined
18% to $1.92 billion.
The company said the Covid-19 pandemic had a negative revenue
impact of roughly $500 million in the quarter due to reduced demand
in China and disruptions to wellness visits in the U.S., which cut
doctors' prescribing patterns.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
October 27, 2020 07:28 ET (11:28 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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