While reporting financial results for the third quarter on Tuesday, Pfizer Inc. (PFE) tightened its full-year 2020 guidance range for adjusted earnings and revenues. However, the company reaffirmed all 2020 financial guidance components for New Pfizer and Upjohn.
For fiscal 2019, the company now projects adjusted earnings in a range of $2.88 to $2.93 per share on revenues between $48.6 billion and $50.6 billion.
Previously, the company expected adjusted earnings in the range of $2.85 to $2.95 per share on revenues between $48.8 billion and $49.5 billion.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.90 per share on revenues of $49.34 billion for the year. Analysts’ estimates typically exclude special items.
However, the company continues to expect adjusted earnings in a range of $2.28 to $2.38 per share on revenues between $40.8 billion and $42.4 billion for New Pfizer in fiscal 2020. It also continues to project revenues between $8.0 billion and $8.5 billion for Upjohn in fiscal 2020.
The financial guidance for Pfizer reflects a full-year 2020 contribution from Biopharma and Upjohn, the current construct of the company, and excludes any impact from the pending Upjohn combination with Mylan, which is currently expected to close in the fourth quarter of fiscal 2020.
For the third quarter, the company reported net income of $2.19 billion or $0.39 per share, down 71 percent from $7.68 billion or $1.36 per share in the year-ago quarter. Excluding items, adjusted earnings for the quarter were $0.72 per share, compared to $0.75 per share last year. Revenue for the quarter declined 4 percent to $12.13 billion from $12.68 billion in the same period last year.
The Street was looking for earnings of $0.71 per share on revenues of $12.33 billion for the quarter.
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