Shares of Pfizer Inc. PFE edged up 0.1% in premarket trading Tuesday, after the drug maker reported that it swung to a wider-than-expected third-quarter loss and revenue fell more than forecast, amid weakness in COVID products, but still affirmed its full-year outlook. The company swung to a net loss of $2.38 billion, or 42 cents a share, from net income of $8.61 billion, or $1.51 a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss of 17 cents was wider than the FactSet loss consensus of 8 cents. Revenue sank 41.5% to $13.23 billion, below the FactSet consensus of $13.34 billion. The company affirmed its recently lowered 2023 outlook for adjusted EPS of $1.45 to $1.65 and for revenue of $58 billion to $61 billion. “With a significant uncertainty removed by our recently announced amended Paxlovid supply agreement with the U.S. government, our expectation of additional clarification on global vaccination and treatment rates by the end of the year, and the breakthroughs continuing to emerge from our pipeline, we look forward to concluding 2023 with positive momentum that showcases Pfizer’s long-term growth potential,” said Chief Executive Albert Bourla. The stock has dropped 15.3% over the past three months through Monday while the S&P 500 SPX has lost 9.2%.
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