Pfizer stock was down on Tuesday following the release of its earnings report for the third quarter of 2018.
Pfizer’s (NYSE:PFE) earnings report for the third quarter of the year includes revenue of $13.30 billion. This is better than the company’s revenue of $13.17 billion that was reported in the third quarter of 2017. However, it was bad news for Pfizer stock by missing Wall Street’s revenue estimate of $13.53 billion for the period.
Earnings per share reported by Pfizer for the third quarter of 2018 came in at 78 cents. This is an increase over the company’s earnings per share of 67 cents from the same time last year. It also beat out analysts’ earnings per share estimate of 75 cents for the quarter, but couldn’t save Pfizer stock today.
Pfizer also reported net income of $4.11 billion for the third quarter of the year. This is up from the pharmaceutical company’s net income of $2.84 billion that was reported in the third quarter of the previous year.
The most recent earnings report from Pfizer also saw it update its guidance for the full year of 2018. The company says it is now expecting revenue for the period to range from $53.00 billion to $53.70 billion. It was previously expecting revenue between $53.00 billion and $55.00 billion. This isn’t good news for Pfizer stock as Wall Street is looking for revenue of $54.15 billion for the year.
Pfizer also tightened its earnings per share outlook for the full year of 2018 to between $2.98 and $3.02. The previous guidance was for earnings per share ranging from $2.95 to $3.05. Analysts are estimating earnings per share of $2.99 for the year.
PFE stock was down 1% as of Tuesday morning, but is up 18% year-to-date.
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As of this writing, William White did not hold a position in any of the aforementioned securities.