Pharmaceutical company Pfizer Inc. (NYSE:$PFE) saw its revenue increase in its latest quarter as the drug manufacturer says it forecasts more product launches in the next several years combined with fewer drug-exclusivity losses.
Ian Read, Chief Executive, announced on Tuesday that the New York City-based company is developing 15 drugs that have the potential to be approved for sale by regulators by the year 2022. Additionally, Pfizer Inc. said each drug could have sales that exceed $1 billion.
In the meantime, Pfizer Inc. forecasts roughly $2 billion in sales losses due to patent expiries and generic competition over the course of the next few years, compared with the almost $5 billion in annual losses the company had been confronting in the past.
“You get this nice inflection where you have two major positive trends,” CFO Frank D’Amelio said.
Pfizer had reported three straight quarters with revenue declines until Q3 when the company said revenues increased 0.9% to $13.17 billion.
Ibrance, a cancer-drug, and blood-thinner Eliquis were among the quarter’s biggest sales gains, while the company said it had started to feel the impact from an upcoming exclusivity expiration for Viagra, which is a male-impotence pill. Sales of the drug dropped 20% to $308 million.
For the period, Pfizer posted net income of $2.84 billion (47 cents a share). On an adjusted basis, Pfizer earnings were 67 cents a share, which is up from 61 cents. Further, Pfizer Inc. slashed its revenue outlook for 2017 but increased its profit guidance. It now forecasts 2017 full-year revenue to be in the range of $52.4 billion and $53.1 billion.
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