Pfizer Inc. (NYSE:PFE) stock was down on Tuesday following the release of its earnings report for the first quarter of the year.
Pfizer Inc. reported revenue of $12.91 billion for the first quarter of 2018. This is up from its revenue of $12.78 billion that was reported in the same period of the year prior. However, it was bad news for PFE stock by coming in below Wall Street’s revenue estimate of $13.15 billion for the quarter.
Pfizer Inc. notes that there were several factors that hurt its revenue in the first quarter of the year. This includes declining Viagra sales in the U.S. due to the introduction of a rival. Sales of Enbrel in developed areas of Euopre were also hurt by rival sales. Customer buying patterns in the U.S. for Ibrance and Xeljanz also had a negative impact on first-quarter sales for 2018.
During the first quarter of 2018, Pfizer Inc. reported earnings per share of 77 cents. This is better than its earnings per share of 69 cents reported in the first quarter of 2017. It also came in above analysts’ earnings per share estimate of 75 cents for the period.
Net income reported by Pfizer Inc. for the first quarter of the year was $3.56 billion. The pharmaceutical company reported a net income of $3.12 billion in the same quarter of the previous year.
Pfizer Inc.’s operating income for the first quarter of 2018 came in at $3.57 billion. This is an improvement over its operating income of $3.13 billion reported for the same time last year.
PFE stock was down 4% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
