Representational image
Representational image

Pfizer reported a 32 per cent plunge in second-quarter profit, mainly due to the global coronavirus pandemic limiting marketing of and new prescriptions for its medicines.

Pfizer had predicted in April that the virus would keep both patients and company sales representatives away from doctors and hospitals.

Still, the biggest US drugmaker by revenue posted a solid profit and nudged up parts of its 2020 financial forecast and reaffirmed the rest.

The New York company reported net income of USD 3.43 billion, or 61 cents per share, down from USD 5.55 billion, or 89 cents, a year earlier.

Revenue fell 11 per cent to USD 11.8 billion, down from USD 13.26 billion in 2019's second quarter.

Adjusted income came to $4.4 billion, or 78 cents per share.

Pfizer raised its 2020 earnings-per-share forecast by 3 cents, to USD 2.85 to USD 2.95, and tweaked its full-year sales forecast, to a range of USD 48.6 billion to USD 50.6 billion, from its April forecast of USD 48.5 billion to USD 50.5 billion.

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Free Press Journal