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The
drugmaker earned 61 cents per share in the third quarter,
excluding special items, missing the average analyst estimate by
1 cent, according to Thomson Reuters I/B/E/S.
Pfizer's new breast cancer treatment, Ibrance, generated sales
of $550 million, missing the consensus forecast of $576 million
compiled by Evercore ISI.
The company's Lyrica pain drug brought in sales of $1.05
billion, missing expectation of $1.28 billion, but its Prevnar
vaccine generated $1.54 billion, above the forecast of $1.48
billion.
Pfizer also said on Tuesday it was abandoning the development of
its cholestrol-lowering drug, bococizumab, citing an "evolving
treatment landscape".
The company lowered the upper end of its 2016 adjusted earnings
forecast to $2.43 from $2.48 per share, while retaining the
lower end at $2.38.
Pfizer also bumped up the lower end of its revenue forecast to
$52 billion from $51 billion, while reaffirming the upper end at
$53 billion.
Bococizumab, which belongs to a pricey new class of medicines
called PCSK9 inhibitors, was always going to be late to the
party, since two rival drugs hit the market last summer -
Praluent, co-developed by Regeneron <REGN.O> and Sanofi SA <SASY.PA>
and Repatha from Amgen Inc <AMGN.O>.
Pfizer's shares were down about 1 percent at $31.40 in premarket
trading.
(Reporting by Natalie Grover in Bengaluru; Editing by Sriraj
Kalluvila)
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