Pfizer reports a third-quarter loss of 17 cents a share on revenue of $13.2 billion.
Pfizer ‘s third quarter financial report fell slightly short of Wall Street expectations on Tuesday morning, just weeks after the company drastically reduced its forecast for sales of its Covid-19 products
The company also said its planned $43 billion acquisition of the cancer-focused biotech Seagen was “continuing to progress well,” and that it expects the deal to close late this year or early next. “We are encouraged by the strong performance of Pfizer’s non-Covid products in the third quarter of 2023, including significant contributions from new launches and robust year-over-year growth for several key in-line brands,” Pfizer CEO Albert Bourla said in the earnings release.
Pfizer on Tuesday mantained that mid-October guidance. “Our product portfolio remains strong,” Denton said, according to a transcript of prepared remarks expected to be delivered on an investor call Tuesday morning. “We expect that the cost realignment program will improve our operating margins, enhancing long-term shareholder value.”
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Pfizer stock inches up after wider-than-expected loss, but full-year outlook kept intactTomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter TomiKilgore.
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