Shares of Pfizer Inc. PFE dropped 2.2% toward a 3 1/2-month low in premarket trading Tuesday, after the drug maker reported fourth-quarter profit that topped expectations but revenue and the full-year outlook missed. Net income rose to $5.00 billion, or 87 cents a share, from $3.39 billion, or 59 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.14 was above the FactSet consensus of $1.05 billion. Revenue grew 1.9% to $24.29 billion, but missed the FactSet consensus of $24.38 billion. For 2023, the company expects adjusted EPS of $3.25 to $3.45, below the FactSet consensus of $4.34. Revenue for the year is expected to fall to $67.0 billion to $71.0 billion, from $100.33 billion in 2022, as revenue for the company’s COVID vaccine Comirnaty is expected to drop 64% and for its COVID treatment Paxlovid is expected to fall 58%. Excluding COVID products, revenue is expected to increase 7% to 9%. The stock has lost 6.4% over the past three months through Monday, while the S&P 500 SPX has gained 3.8%.
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