Pfizer and Eli Lilly released their latest earnings reports before opening bell this morning. Pfizer posted adjusted earnings of 47 cents on $13.6 billion in revenue. Analysts had been looking for 50 cents per share in adjusted earnings and $13.6 billion in revenue. In the same quarter a year previously, the drug maker reported $14 billion in revenue.
Eli Lilly reported adjusted earnings of 95 cents per share on $5.76 billion in revenue for the fourth quarter, while Wall Street was expecting 98 cents per share in adjusted earnings and $5.55 billion in revenue.
Pfizer swings to a profit
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Pfizer reported GAAP earnings of 13 cents per share, swinging from a loss of 3 cents per share in the year-ago quarter. Innovative Health revenues rose 1% to $7.7 billion, while Essential Health sales declined 8% to $5.9 billion.
Pfizer expects this year’s revenue to fall between $52 billion and $54 billion and this year’s adjusted earnings to be between $2.50 and $2.60 per share. The Wall Street consensus for this year currently stands at $2.59 per share and $54.5 billion in revenue.
Shares of Pfizer fell by as much as 1.28% to $30.91 in premarket trades this morning.
Eli Lilly’s per-share profits rise
Eli Lilly’s reported earnings rose to 73 cents per share or $771.8 million from $478.4 million or 45 cents per share in the same quarter a year previously.
“Newly launched products – including Trulicity, Cyramza, Jardiance and Taltz – led Lilly’s volume-driven growth in 2016,” Chief Executive David Ricks said in a statement. “Pipeline progress also continued with approvals of new products and new indications for existing products in our core therapeutic areas of diabetes, oncology and immunology. We expect this momentum to continue in 2017 and remain focused on launching new products, improving productivity and advancing our pipeline as we work to bring life-changing medicines to patients.”
Eli Lilly expects this year’s reported earnings to be between $2.69 and $2.79 per share and non-GAAP earnings to be between $4.05 and $4.15 per share.
Shares of Eli Lilly edged downward by as much as 0.13% to $74.60 in extended trading.