Pfizer forecasts 2019 revenue, profit below Wall Street targets

[January 29, 2019]    (Reuters) - Pfizer Inc forecast 2019 profit and sales below Wall Street estimates on Tuesday as the company expects a hit from the loss of patent on its blockbuster pain treatment Lyrica this year, sending its shares down 2 percent.

The logo of U.S. pharmaceutical corporation Pfizer Inc. is seen at a branch in Zurich, Switzerland October 2, 2018. REUTERS/Arnd Wiegmann/File Photo

To counter the threat of generic competition to Lyrica, Pfizer has been investing heavily on its portfolio of cancer treatments and expects to gain approval for a new heart drug later this year.

The drugmaker said it expects 2019 revenue of $52 billion to $54 billion, compared with the average analyst estimate of $54.25 billion, according to Refinitiv IBES data.

Lyrica brought in quarterly sales of $1.32 billion, compared with a consensus estimate of $1.21 billion, according to brokerage Credit Suisse.

Pfizer forecast 2019 adjusted earnings of $2.82 to $2.92 per share, below the estimate of $3.04 per share.

In the fourth quarter, Pfizer earned 64 cents per share excluding items, above the average analyst estimate of 63 cents per share.

Revenue rose about 2 percent to $13.98 billion.

(Reporting by Tamara Mathias in Bengaluru; Editing by Saumyadeb Chakrabarty)

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