--> -1.28% pre-market - low volumes
Pfizer misses by $0.04, reports revs in-line; FY17 EPS and rev guidance midpoints below consenus
- Reports Q4 (Dec) earnings of $0.47 per share, $0.04 worse than the Capital IQ Consensus of $0.51; revenues fell 3.0% year/year to $13.63 bln vs the $13.69 bln Capital IQ Consensus.
- Co issues in-line guidance for FY17, sees EPS of 2.50-2.60 vs. $2.60 Capital IQ Consensus Estimate; sees FY17 revs of 52.0-54.0 vs. $54.86 bln Capital IQ Consensus Estimate.
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Essential Health Highlights: IH delivered 2% operational revenue growth in fourth-quarter 2016, driven by continued growth from key brands including Ibrance, primarily in the U.S., Eliquis globally, the addition of Xtandi revenues in the U.S. resulting from the acquisition of Medivation in September 2016, as well as Xeljanz and Lyrica, both primarily in the U.S. Global Ibrance revenue more than doubled operationally while global operational revenue growth for Xeljanz and Eliquis was 62% and 50%, respectively. Sequentially, fourth-quarter 2016 Ibrance revenues in the U.S. increased 15% compared to third-quarter 2016.
- Global Prevnar/Prevenar 13 revenues declined 23% operationally. In the U.S., Prevnar 13 revenues decreased 33% due to the continued decline in revenues for the Adult indication due to a high initial capture rate of the eligible population following its successful fourth-quarter 2014 launch, which resulted in a smaller remaining "catch up" opportunity compared to the prior-year quarter, as well as the unfavorable impact from the timing of government purchases for the pediatric indication.
- Fourth-quarter 2016 operational growth was also negatively impacted by lower revenues for Enbrel in most developed Europe markets, primarily due to continued biosimilar competition, as well as the loss of Rebif alliance revenues resulting from the year-end 2015 expiry of the collaboration agreement to co-promote Rebif in the U.S.
- Essential Health Highlights: Fourth-quarter 2016 EH revenues decreased 6% operationally, resulting from a 20% operational decline from Peri-LOE Products(8) and a 3% operational decline from Legacy Established Products (LEP) partially offset by 3% operational growth from the Sterile Injectable Pharmaceuticals (SIP) portfolio and 48% operational growth from Biosimilars(8). EH revenues excluding the performance of HIS, which Pfizer expects to divest in February 2017, declined 5% operationally.