Pharmaceutical stocks slipped in Wednesday morning and midday trading following substandard fourth-quarter earnings from Pfizer, typically among the industry’s biggest earners.
Pfizer reported adjusted net income of $767 million on Wednesday or 49 cents per share. This marks a 188% jump from last year when the company was entrenched in federal allegations regarding some of its marketing. While this, alongside a 34 percent jump in fourth quarter revenue to $16.5 billion would seem positive the figures narrowly undercut analyst predictions. Earnings for the company were forecast to be 50 cents per share on sales of $15.9 billion a penny over what Pfizer took in.
The news led the company’s shares to slip 51 cents, or 2.8%, to $18.51 Wednesday.
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