Shares of Pfizer Inc. (PFE) surged 3.4% in premarket trading Tuesday, after the drug maker reported profit and revenue that beat expectations and raised its full-year outlook, despite the challenges resulting from the COVID-19 pandemic. The results come after Pfizer and BioNTech SE (BNTX) said late Monday that a late-stage trial of its COVID-19 vaccine candidate ( ) has started. Pfizer reported net income that fell to $3.43 billion, or 61 cents a share, from $5.05 billion, or 89 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share fell to 78 cents form 80 cents but beat the FactSet consensus of 67 cents. Revenue declined 11% to $11.80 billion but was above the FactSet consensus of $11.58 billion. Biopharma revenue rose 4% to $9.80 billion while Upjohn revenue dropped 32% to $2.01 billion. For 2020, the company raised its guidance ranges for adjusted EPS to $2.85 to $2.95 from $2.82 to $2.92 and for revenue to $48.6 billion to $50.6 billion from $48.5 billion to $50.5 billion. The stock has slipped 4.2% year to date through Monday, while the Dow Jones Industrial Average has declined 6.9%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 28, 2020 06:58 ET (10:58 GMT)
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