Big pharma Pfizer missed first-quarter sales estimates Monday but beat on profit and affirmed guidance as analysts focused on the firm’s possible mergers and splits. The stock fell 2.5% to close at 29.98. Pfizer’s (PFE) Q1 earnings totaled 57 cents a share, up 12% from the year-earlier quarter and beating analysts’ consensus by 2 cents. Sales declined 9% to $11.35 billion, missing consensus by about $750 million. The company affirmed its previous
In a recurring theme for big pharma this earnings season, Pfizer’s (PFE) Q1 sales missed Wall Street’s expectations, but the company controlled expenses well enough to beat on the bottom line. Its stock slid more than 2% on the stock market today. Pfizer’s Q1 earnings totaled 57 cents a share, up 12% from the year-earlier quarter and beating analysts’ consensus by 2 cents. Sales declined 9% to $11.35 billion, missing consensus by about $750
British big pharma AstraZeneca (AZN) turned down a second takeover bid from U.S. counterpart Pfizer (PFE) Friday, saying that the $106 billion offer was still too low. Pfizer’s stock dropped nearly 2%, while AstraZeneca’s held steady on the stock market today. As with Pfizer’s first bid, AstraZeneca’s board objected to the large proportion of stock in the $84.43-a-share offer. They also described Pfizer’s move as “tax-driven,” underscoring Wall