Pfizer Posts Smaller 3Q Profit, Revenue as Demand Declines During Pandemic

By Matt Grossman

Pfizer Inc. Tuesday logged a smaller profit year over year in the latest quarter as reduced demand during the coronavirus pandemic dragged on the company's sales.

The New York City-based drug and consumer-health company recorded a third-quarter profit of $2.19 billion, or 39 cents a share, compared with a profit of $7.68 billion, or $1.36 a share, in the same three-month period a year earlier.

On an adjusted basis, Pfizer's profit was 72 cents a share. Analysts polled by FactSet were expecting an adjusted profit of 70 cents a share.

Revenue was $12.13 billion, down from $12.68 billion in the same three-month period a year earlier. Analysts were forecasting revenue of $12.31 billion.

Sales from the company's biopharma division grew 3% to $10.22 billion. Revenue from Upjohn, which Pfizer expects to spin off in a combination with Mylan N.V. before the end of the year, declined 18% to $1.92 billion.

The company said the Covid-19 pandemic had a negative revenue impact of roughly $500 million in the quarter due to reduced demand in China and disruptions to wellness visits in the U.S., which cut doctors' prescribing patterns.

Write to Matt Grossman at [e-mail]

(END) Dow Jones Newswires

October 27, 2020 07:28 ET (11:28 GMT)

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