Pfizer’s 4th-qtr 2014 profits and sales slump on generic competition
US pharma giant Pfizer (NYSE: PFE), which is aggressively pursuing a takeover of Anglo-Swedish drug major AstraZeneca (LSE: AZN), has posted a disappointing set of financial results for the first quarter of 2014, with revenues below consensus analysts’ forecasts.
Pfizer, whose shares fell 2.5% to $29.99 by early afternoon trading on Monday, did not provide any updates on its recent, increased, proposal to acquire AstraZeneca (now three times rejected), although the company did say it is unable to affirm or update its 2014 earnings guidance due to the UK Takeover Code. However, it said it still expects revenues in the range of $49.2 billion to $51.2 billion and adjusted diluted earnings per share (EPS) of $2.20 to $2.30.
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