Pfizer stock slips after earnings missed expectations, while earnings beat

Pfizer Inc. PFE Shares,
-3.65%
slipped 0.6% in pre-market trading on Tuesday, after the drugmaker reported fourth-quarter profit that missed expectations, but earnings that exceeded expectations and provided an optimistic outlook for the full year. The company grew to net income of $ 594 million, or 10 cents per share, after a net loss of $ 337 million, or 6 cents per share, in the same period a year earlier. Excluding one-time items, adjusted earnings per share fell from 36 cents to 42 cents, but missed the FactSet consensus by 50 cents. Revenue rose 12% to $ 11.68 billion, beating the FactSet consensus of $ 11.48 billion. Vaccines sales increased 17%, oncology jumped 23% and rare diseases grew 26%, while internal medicine sales increased 1% and 8% for hospitals. Pfizer raised its 2021 BPA forecast range to $ 3.10 to $ 3.20 from $ 3.00 to $ 3.10, mainly thanks to further improvements in its revenue forecast for the COVID-19 vaccine . The company expects 2021 revenue of $ 59.4 billion to $ 61.4 billion, above FactSet’s current consensus of $ 58.3 billion. The stock has gained 4.3% in the last three months while the S&P 500 SPX,
+ 1.62%
increased by 14.0%.