Pfizer 2Q sales and profit down, but it maintains 2020 views

Drugmaker Pfizer said the COVID-19 pandemic is disrupting its patient testing of experimental drugs and will reduce revenue significantly in the second quarter, but its manufacturing plants are running normally.

The world’s biggest prescription drugmaker had lower drug revenue in the first quarter as sales of older off-patent drugs dropped, but the company said Tuesday that it is maintaining its 2020 profit forecast.

The maker of Xeljanz for rheumatoid arthritis and the Prevnar 13 vaccine against pneumonia and related infections reported net income of $3.4 billion, or 61 cents a share. That was down 12% from $3.88 billion, or 68 cents per share, a year earlier.

Earnings, adjusted for non-recurring costs, came to 80 cents per share, easily topping the 71 cent-per-share average estimate of analysts surveyed by Zacks Investment Research.

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The New-York based drugmaker posted revenue of $12.03 billion in the quarter, down 8% from $13.12 billion in 2019’s first quarter.

Pfizer Inc. said it still expects full-year 2020 earnings of $2.82 to $2.92 per share, on revenue of $48.5 billion to $50.5 billion.

Pfizer shares fell 36 cents to $37.97 in morning trading.

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