Pfizer Posts Slightly Better-Than-Expected 3Q Thanks to Cost Cuts
02.11.10
Reported third-quarter results that slightly exceeded our expectations, thanks to strong cost-cutting. However, we don't expect any changes to our fair value estimate for the company on the basis of this minor outperformance. The top line grew 39% year over year, which was 2% below our expectations and largely driven by the Wyeth acquisition. Excluding Wyeth products and the impact of foreign exchange rates, total sales decreased 4% from the prior-year period as international patent losses on Lipitor weighed on growth. Earnings per share increased 6% year over year, 8% above our expectations. Pfizer continues to cut costs faster than we had anticipated. Pfizer increased its 2010 EPS guidance range 2% to $2.17-$2.22, which we expect it will easily meet.
Patent losses created a drag in the quarter, and this will probably get much worse in 2011 and 2012. The company's top drug Lipitor fell operationally by 10% year over year as patent losses in Spain and Canada caused the bulk of the losses. The July patent loss on antidepressant drug Effexor also hurt sales growth. We expect further top-line weakness in 2011 and 2012 as a result of patent losses on erectile dysfunction drug Viagra, ophthalmology drug Xalatan, antipsychotic drug Geodon, and Lipitor in most major markets. Despite the major patent losses, we believe Pfizer's valuation already incorporates these losses and underappreciates the company's cost-cutting plans, pipeline, and growth potential in emerging markets.
Source: Toronto Star
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