Pfizer beats by $0.02, reports revs in-line; raises low end of FY13 EPS, lowers high end of FY13 rev
Reports Q3 (Sep) earnings of $0.58 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.56; revenues fell 2.4% year/year to $12.64 bln vs the $12.7 bln consensus.
Co issues in-line guidance for FY13, raises EPS to $2.15-2.20, excluding non-recurring items, from $2.10-2.20 vs. $2.18 Capital IQ Consensus Estimate; lowers FY13 revs to $50.8-51.8 bln from $50.8-52.8 bln vs. $51.46 bln Capital IQ Consensus Estimate.
The operational decrease was primarily the result of the continued erosion for branded Lipitor in the U.S., developed Europe and certain other markets. Additionally, revenues were negatively impacted by other product losses of exclusivity, the ongoing expiration of the Spiriva collaboration in certain countries, decreased government purchases of Prevnar and Enbrel in certain emerging markets, and various other events. Revenues were positively impacted by the overall growth of Lyrica, Enbrel, Inlyta and Xalkori, as well as Celebrex and Xeljanz in the U.S. In addition, reported revenues(1) included $67 million from the transitional manufacturing and supply agreements with Zoetis(3).