Pfizer Narrows Forecast as Older Drugs Business Struggles
(Bloomberg) -- Pfizer Inc. narrowed its full-year forecast as it faces manufacturing challenges at its unit that makes older medicines.
- Pfizer now predicts revenue for the year to be $53 billion to $53.7 billion, down from its July estimate of $53 billion to $55 billion.
- The drugmaker’s Hospira business is continuing to struggle. Product shortages at the unit, which has had manufacturing and quality issues in the past, were part of the Pfizer’s cut to its revenue forecast.
- Pfizer has also been hurt by the strong U.S. dollar in the midst of changing U.S. trade policies. The company said that “weakening of certain emerging markets currencies and the euro” also weighed on results.
- Pfizer has handed $15 billion back to shareholders this year through dividends and share repurchases. It’s made $9 billion in repurchases so far in 2018 with the goal of buying back $3 billion more this year.
Pfizer shares declined nearly 1 percent to $42.83 at 9:46 a.m. in New York on Tuesday. Through Monday’s close, the stock had gained 19 percent in 2018, compared to a 1.2 percent decline in the S&P 500 index.
- To read more details on the results, click here.
- To read Pfizer’s press release, click here.
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