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Pfizer Q4 Adj. Profit Falls, Revenues Down 9%; Issues FY20 Outlook

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Pfizer Inc. (PFE) reported that its fourth-quarter adjusted earnings per share declined 13 percent year-over-year to $0.55. On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $0.57, for the quarter. Analysts' estimates typically exclude special items. Adjusted income declined 17 percent year-over-year to $3.11 billion.

Fourth-quarter revenues were $12.7 billion, a decline of 9% year-on-year, reflecting an operational decline of 8%. Analysts expected revenue of $12.61 billion for the quarter. Biopharma revenues were $10.5 billion, up 9% operationally.

Fourth-quarter Upjohn revenues were $2.2 billion, down 32% operationally, primarily driven by the expected significant volume declines for Lyrica in the U.S. Excluding the unfavorable impact of Lyrica in the U.S. and other recent product losses of exclusivity, fourth-quarter revenues for Upjohn declined 6% operationally.

For fiscal 2020, Pfizer projects adjusted earnings per share in a range of $2.82 to $2.92; and revenues in a range of $48.5 billion to $50.5 billion. Analysts polled by Thomson Reuters expect the company to report profit per share of $2.90 on revenue of $49.52 billion. For New Pfizer, adjusted earnings per share is anticipated to be in a range of $2.25 to $2.35; and revenues are expected to be in a range of $40.7 billion to $42.3 billion.

During 2019, Pfizer returned $16.9 billion directly to shareholders. As of January 28, 2020, Pfizer's remaining share repurchase authorization was $5.3 billion. No share repurchases are currently planned in 2020.

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