Pfizer’s Profit Misses Projections, 2016 EPS Outlooks Cut

Shares of Pfizer Inc were down in premarket trading, as the largest U.S. drugmaker surprised investors by announcing that it is ending development of a cholesterol-lowering treatment, which had been expected to be a blockbuster. The pharmaceutical corporation also reported third-quarter earnings that missed analysts’ forecasts.

Pfizer earned 61 cents per share in three months to September, falling short of average analyst estimate by 1 cent. The New York-based drugmaker shaved 4 cents off its 2016 earnings forecast as a result of the discontinuation of its cholesterol treatment program.

The company lowered the upper end of its 2016 adjusted earnings forecast by 5 cents to $2.43 from $2.48 per share, while reaffirming the lower end at $2.38. Pfizer also expects revenue in the range from $52 billion to $53 billion, bumping up the low end of the revenue forecast by $1 billion.

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