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Pfizer’s 2019 Revenue and Profit Forecast below Wall Street Targets
| 01/29/2019
US pharmaceutical firm, Pfizer Inc. has released this year’s revenue and profit expectations, with the figures dropping below the expectations of Wall Street analysts.
Healthcare could experience a slow year
Pfizer is expecting a drop in revenue and profit this year as the company revealed earlier today that it suffered from the loss of patent on its blockbuster pain treatment Lyrica. This led to the shares tumbling by 2 percent earlier today.
The healthcare sector could experience a torrid year, with Johnson & Johnson revealing last week that it is expecting slow growth this year.
Pfizer is expected to counter the threat of generic competition to Lyrica by focusing its attention on its portfolio of cancer treatments. The pharmaceutical company also expects to gain approval for a new heart drug before the end of the year.
The company forecasts revenue of $52 billion to $54 billion this year. This is lower than the $54.25 expected by Wall Street analysts. Lyrica accounted for $1.32 billion in sales during the last quarter. This is higher than the $1.21 billion expected by analysts at brokerage Credit Suisse.
Pfizer is expected to earn around $2.82 to $2.92 per share this year which is lower than the $3.04 per share estimated by analysts. During the last quarter, the stock earned 64 cents per share excluding items, and this was higher than the 63 cents per share expected by analysts.
The Revenue for the company rose by roughly 2 percent to reach $13.98 billion.