Pfizer stock slips after profit misses expectations, while revenue beats

Shares of Pfizer Inc.
PFE,
-0.28%
slipped 0.6% in premarket trading Tuesday, after the drug maker reported fourth-quarter profit that missed expectations, but revenue that beat forecasts and provided an upbeat full-year outlook. The company swung to net income of $594 million, or 10 cents a share, from a net loss of $337 million, or 6 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to 42 cents from 36 cents, but missed the FactSet consensus of 50 cents. Revenue rose 12% to $11.68 billion, topping the FactSet consensus of $11.48 billion. Revenue for vaccines increased 17%, for oncology jumped 23% and for rare disease grew 26%, while revenue edged up 1% for internal medicine and rose 8% for hospital. Pfizer raised its 2021 EPS guidance range to $3.10 to $3.20 from $3.00 to $3.10, dur primarily to additional refinements of its COVID-19 vaccine revenue forecast. The company expects 2021 revenue of $59.4 billion to $61.4 billion, above the current FactSet consensus of $58.3 billion. The stock has gained 4.3% over the past three months while the S&P 500
SPX,
+1.61%
has advanced 14.0%.