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Pfizer quarterly profit misses estimates
[BENGALURU] Pfizer Inc, which closed its US$14 billion acquisition of Medivation Inc in September, reported a lower-than-expected profit, hit by lower demand for products set to go off patent.
The largest US drugmaker posted a net income US$775 million, or 13 US cents per share, in the fourth quarter, compared with a loss of US$172 million, or three US cents per share, a year earlier.
Excluding items, the company earned 47 US cents per share, missing the average analysts' estimate of 50 US cents per share, according to Thomson Reuters I/B/E/S.
The company's revenue slipped three per cent to US$13.63 billion, due to a strong US dollar and fewer selling days compared to the year-ago quarter, but was roughly in line with estimates.
Those lost days resulted in a negative impact on quarterly revenue by about US$750 million compared to the prior-year quarter.
The company forecast adjusted profit of US$2.50-US$2.60 per share on revenue of US$52 billion-US$54 billion in 2017. Analysts on average were expecting earnings of US$2.56 per share and revenue of US$54.03 billion.