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Oct 30, 2018

Pfizer narrows forecast as its older drugs business struggles

FILE PHOTO: The Pfizer logo is seen at their world headquarters in New York

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Pfizer Inc. narrowed its full-year forecast as it faces manufacturing challenges at its unit that makes older medicines.

  • Pfizer now predicts revenue for the year to be US$53 billion to US$53.7 billion, down from its July estimate of US$53 billion to US$55 billion.

Key Insights

  • The drugmaker’s Hospira business is continuing to struggle. Product shortages at the unit, which has had manufacturing and quality issues in the past, were part of the Pfizer’s cut to its revenue forecast.
  • Pfizer has also been hurt by the strong U.S. dollar in the midst of changing U.S. trade policies. The company said that “weakening of certain emerging markets currencies and the euro” also weighed on results.
  • Pfizer has handed $15 billion back to shareholders this year through dividends and share repurchases. It’s made $9 billion in repurchases so far in 2018 with the goal of buying back $3 billion more this year.

Market Reaction

Pfizer shares fell 2.8 per cent in early New York trading Tuesday after the results were released. The stock is up 19 per cent this year so far, compared to a 1.2 per cent decline in the S&P 500 index.