Pfizer Inc’s (PFE) quarterly revenue fell short of market expectations, as key drugs sales missed estimates as well.
Pfizer shares closed lower for a second straight trading session on Tuesday. The stock went down 0.50% ($0.17) to $33.61, after touching an intraday low at $32.88, or a price level not seen since February 15th ($32.69). In the week ended on April 30th the shares of the global biopharmaceutical company added 0.83% to their market value compared to a week ago, which marked the first gain in the past four weeks and also the best performance since the week ended on February 26th. However, the stock has extended its loss to 0.91% so far during the current month, following a 0.85% slump in April. The latter has been the first monthly drop since January. For the entire past year, Pfizer Incs shares gained 0.62%.
According to the largest US drug producer, three fewer selling days during the latest quarter, in comparison with the same period a year ago, axed the company’s sales by almost $300 million.
“Pfizer calls out a deficit of selling-days … Given that multiple major products fell just to the short side of our estimates, we are inclined to agree”, Bernstein analyst Richard Wagner said in a note to clients, cited by Reuters.
Sales of patent-protected drugs went up 12% during the first quarter to reach $7.42 billion. On the other hand, sales of the company’s generics and biosimilars were reported to have shrunk 10% to $5.36 billion during the period.
Sales of breast cancer drug Ibrance grew by more than 58% to $679 million during the latest quarter. However, the figure fell short of market consensus ($682 million).
Sales of Pfizer’s arthritis drug Xeljanz were notably weak, according to Goldman Sachs analysts. At the same time, sales of cancer drug Xtandi and Prevnar vaccine were reported below expectations as well.
Total revenue decreased 1.7% to $12.78 billion during the first quarter, while falling short of the median analyst estimate ($13.09 billion). At the same time, Pfizer’s total expenditures shrank 6% to $7.49 billion.
The drug maker’s net earnings increased to $3.12 billion ($0.51 per share) during the first quarter from $3.04 billion ($0.49 per share) during the same three-month period a year ago.
Earnings per share, excluding special items, were reported at $0.69 during the latest quarter. In comparison, the median forecast by analysts had pointed to earnings of $0.67 per share, according to Thomson Reuters I/B/E/S.
According to CNN Money, the 21 analysts, offering 12-month forecasts regarding Pfizer Inc’s stock price, have a median target of $37.00, with a high estimate of $52.00 and a low estimate of $33.00. The median estimate is a 10.09% surge compared to the closing price of $33.61 on May 2nd.
The same media also reported that 12 out of 24 surveyed investment analysts had rated Pfizer Inc’s stock as “Hold”, while 10 – as “Buy”.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, todays levels of importance for the Pfizer stock are presented as follows:
R1 – $33.69
R2 – $33.76
R3 (Range Resistance – Sell) – $33.84
R4 (Long Breakout) – $34.07
R5 (Breakout Target 1) – $34.34
R6 (Breakout Target 2) – $34.47
S1 – $33.53
S2 – $33.46
S3 (Range Support – Buy) – $33.38
S4 (Short Breakout) – $33.15
S5 (Breakout Target 1) – $32.88
S6 (Breakout Target 2) – $32.75
By using the traditional method of calculation, the weekly levels of importance for Pfizer Inc (PFE) are presented as follows:
Central Pivot Point – $33.87
R1 – $34.08
R2 – $34.25
R3 – $34.46
R4 – $34.68
S1 – $33.70
S2 – $33.49
S3 – $33.32
S4 – $33.16
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