Pfizer Inc. (NYSE:PFE) saw its stock drop on Tuesday despite an reporting an earnings beat for the fourth quarter of 2017.
During the fourth quarter of 2017, Pfizer Inc. reported earnings per share of 62 cents. This is an increase over its earnings per share of 47 cents that was reported in the same period of the year prior. It also beat out Wall Street’s earnings per share estimate of 56 cents for the quarter.
Pfizer Inc. reported net income of $12.27 billion for the fourth quarter of the year. This is up from its net income of $775 million that was reported in the fourth quarter of the previous year. Operating income for the quarter was $12.29 billion, which is up from $763 million.
Revenue reported by Pfizer Inc. in the fourth quarter of the year came in at $13.70 billion. The pharmaceutical company reported revenue of $13.63 billion for the same time last year. Analysts were looking for earnings per share of $13.68 billion for the period.
Pfizer Inc.’s earnings report for the fourth quarter of 2017 also includes its plans to deal with the new tax legislation. The company says that it expects to pay a fee of $15 billion to the U.S. Treasury over a period of eight years.
Pfizer Inc. also provides an outlook for the full year of 2018 in its most recent earnings report. It is expecting earnings per share for the year to range from $2.90 to $3.00. Wall Street is estimating earnings per share of $2.78 for 2018.
To go along with its earnings per share expectations for 2018, Pfizer Inc. says that it is expecting revenue for the year to come in between $53.50 billion and $55.50 billion. Analysts have their eyes set on $53.88 billion in revenue for the year.
PFE stock was down 2% as of Tuesday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.
