Shares of Pfizer Inc. (PFE) edged up 0.1% in premarket trading Tuesday, after the drug maker reported its third-quarter financial results. Although the company swung to a wider-than-expected loss and experienced a decline in revenue, it still stands by its full-year outlook.
Financial Performance
Pfizer's net income for the quarter plummeted to a loss of $2.38 billion, or 42 cents per share, compared to a net income of $8.61 billion, or $1.51 per share, in the same period last year. Adjusting for nonrecurring items, the adjusted per-share loss was 17 cents, exceeding the FactSet loss consensus of 8 cents.
Moreover, the company's revenue decreased by 41.5% to $13.23 billion, falling below the FactSet consensus of $13.34 billion.
Affirming Future Outlook
Despite these challenges, Pfizer remains confident in its future trajectory. It reaffirms its recently adjusted 2023 outlook, projecting an adjusted EPS of $1.45 to $1.65 and a revenue ranging from $58 billion to $61 billion.
Chief Executive Albert Bourla expressed optimism about the company's prospects, stating, "With a significant uncertainty removed by our recently announced amended Paxlovid supply agreement with the U.S. government, our expectation of additional clarification on global vaccination and treatment rates by the end of the year, and the breakthroughs continuing to emerge from our pipeline, we look forward to concluding 2023 with positive momentum that showcases Pfizer’s long-term growth potential."
Stock Performance
Over the past three months through Monday, Pfizer's stock has experienced a decline of 15.3%, while the S&P 500 has lost 9.2%.
