Drugmaker Pfizer reported a $306 million loss in its fourth quarter after it shifted its consumer health business into a joint venture last year. The company narrowly missed Wall Street's profit expectations.
The biggest U.S. drugmaker, on Tuesday reported net loss of 6 cents per share. In the year-ago quarter, Pfizer lost $394 million, or 7 cents per share.
Adjusted earnings of $3.11 billion just missed the $3.24 billion expected by analysts surveyed by FactSet.
Pfizer’s innovative prescription drug business posted revenue of $10.53 billion in the quarter, led by Prevnar 13, Eliquis, rheumatoid arthritis pill Xeljanz and breast cancer pill Ibrance.
Its Upjohn business, which sells off-patent drugs such as Lipitor and Viagra, had revenue of $2.16 billion in the latest quarter.
In premarket trading, Pfozer shares fell 68 cents, or 1.7%, to $39.50.
Revenue was $12.69 billion in the October-December quarter. That topped the $12.61 billion that analysts were expecting.
Pfizer Inc., based in New York, forecast adjusted net income of $2.82 to $2.92 per share, on revenue of $$48.5 billion to $50.5 billion, for all of 2020.
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