Pfizer Q2 Profit Tops Estimates; Revenues Down 11%; Raises Guidance

Pfizer Inc. (PFE) reported second quarter adjusted earnings per share of $0.78 compared to $0.80, prior year. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $0.66, for the quarter. Analysts’ estimates typically exclude special items.

Second quarter revenues were $11.8 billion, a decrease of 11%, compared to the prior-year quarter, reflecting an operational decline of 9%. Excluding the impact of Consumer Healthcare, revenues declined 3% operationally year-on-year. Analysts expected revenue of $11.55 billion for the quarter. The company noted that its second-quarter revenues included an estimated net unfavorable impact of approximately $500 million, or 4%, due to COVID-19. Biopharma revenues totaled $9.8 billion, up 6%
operationally.

Pfizer raised the midpoint of its 2020 financial guidance range for revenues and adjusted earnings per share for total company and for New Pfizer while reaffirming the ranges for all other financial guidance components.

For total company, 2020 adjusted earnings per share is now estimated in a range of $2.85 to $2.95, revised from prior guidance range of $2.82 to $2.92. Revenues are now expected in a range of $48.6 billion to $50.6 billion, revised from prior guidance range of $48.5 billion to $50.5 billion.

For New Pfizer, 2020 adjusted earnings per share is now estimated in a range of $2.28 to $2.38, revised from prior guidance range of $2.25 to $2.35. Revenues are now estimated at $40.8 billion to $42.4 billion, revised from prior guidance range of $40.7 billion to $42.3 billion. The New Pfizer financial guidance reflects the Biopharma business as it is presently being managed and assumes the pending Upjohn combination with Mylan was completed at the beginning of 2020.

Shares of Pfizer were up nearly 3% in pre-market trade on Tuesday.

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