Early Access

10-QPeriod: Q2 FY2017

PFIZER INC Quarterly Report for Q2 Ended Apr 2, 2017

Filed May 11, 2017For Securities:PFE

Summary

Pfizer Inc.'s first quarter 2017 report shows a slight year-over-year revenue decline of 2% to $12.8 billion, impacted by one less selling day and unfavorable foreign exchange rates. Despite this, the company demonstrated solid operational performance with growth in key brands like Ibrance and Eliquis. Net income attributable to Pfizer Inc. increased by 3% to $3.12 billion, leading to a diluted EPS of $0.51, up from $0.49 in the prior year's quarter. The company continued to execute its business development strategy, with significant acquisitions in oncology and anti-infectives. Divestiture of the Hospira Infusion Systems net assets was completed. Management reaffirmed its 2017 financial guidance, indicating confidence in continued operational performance and strategic execution throughout the year. The report highlights ongoing R&D investments and cost-reduction initiatives aimed at driving long-term value.

Financial Highlights

55 data points
Beta

Revenue

$12.78B

0.8% Gross Margin

Net Income

$3.12B

0.2% Net Margin

EPS (Diluted)

$0.51

Total Assets

$168.78B

Cash & Equivalents

$4.06B

Free Cash Flow

$1.23B

Financial Statements
Beta
Revenue$12.78B
Cost of Revenue$2.47B
Gross Profit$10.31B
SG&A Expenses$3.31B
Operating Income$3.12B
Interest Expense$309.00M
Net Income$3.12B
EPS (Basic)$0.52
EPS (Diluted)$0.51
Shares Outstanding (Basic)6.01B
Shares Outstanding (Diluted)6.09B

Key Highlights

  • 1Revenues for the first quarter of 2017 were $12.8 billion, a decrease of 2% compared to $13.0 billion in the first quarter of 2016.
  • 2Net income attributable to Pfizer Inc. increased by 3% to $3.12 billion ($0.51 per diluted share) compared to $3.04 billion ($0.49 per diluted share) in the prior year's quarter.
  • 3Pfizer completed the sale of its global infusion therapy net assets (HIS) to ICU Medical for up to approximately $900 million.
  • 4The company acquired the development and commercialization rights to AstraZeneca’s small molecule anti-infectives business for approximately $1.05 billion.
  • 5Significant growth was observed in key products such as Ibrance (58% increase), Eliquis (51% increase), and Xeljanz (27% increase), primarily driven by strong demand and market penetration.
  • 6The company reaffirmed its 2017 financial guidance, projecting revenues between $52.0 and $54.0 billion and adjusted diluted EPS of $2.50 to $2.60.
  • 7Total R&D expenses were $1.71 billion, a slight decrease of 1% year-over-year, reflecting continued investment in innovation.

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