Pfizer posts second consecutive quarterly income decline
pharmafile | April 29, 2015 | News story | Sales and Marketing | 2015, Pfizer, Q1, first quarter
Pfizer made 4% less revenue in the first quarter of 2015 compared with the same period last year, the company’s financial results show.
The report shows Pfizer made $10.8 billion in the first three months of the year, down from $11.4bn the year before. The US firm also scored a 3% decline in revenue in the last quarter of 2014.
The losses were largest in the pharma giant’s established products division, which lost $976 million or 16%, although the oncology and vaccines division increased by 8% and 44% respectively.
The firm was also hit by the impact of fluctuating exchange rates, and the weakening Euro, leading it to downgrade its financial guidance for 2015. It now estimates its full-year 2015 earnings at $44-$46 billion, having previously forecast $44.5-$46.5 billion.
Chairman and chief executive Ian Read comments: “We began the year with good performance on both the top and bottom line and I believe the company is well-positioned in terms of products, recent product launches, geographic reach and product pipeline.
“During the first quarter of 2015, our new products delivered strong performances. We continued to see strong uptake for our Prevnar 13 vaccine in older adults, and in the US Ibrance (palbociclib), our recently approved therapy for first-line advanced breast cancer performed very well following its February launch. Additionally, Eliquis delivered another strong quarter of growth as adoption among cardiologists continues to improve globally.”
Chief financial officer Frank D’Amelio says: “We were able to grow revenues on an operational basis by 2% despite the significant negative impact from product losses of exclusivity, including Celebrex and the termination of the Spiriva co-promotion collaboration in the US.
“As a result of unfavourable changes in foreign exchange rates in relation to the US dollar since mid-January, primarily the weakening of the Euro, we lowered our 2015 financial guidance for reported revenues by $500 million.
D’Amelio adds: “Importantly, our update to these guidance components is solely due to recent negative changes in foreign exchange rates and does not reflect any unfavourable changes to our operational outlook for the year.”
Lilian Anekwe
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