Pfizer, Inc. (NYSE: PFE) announced its financial results for the fourth quarter and full-year 2016. In the report, the company also provided guidance for 2017.
In the report, revenues for the fourth quarter decreased 3% to $13.6 billion, or $420 million decline compared to that of the same period last year. However, the result was above previous estimates of $13.55 billion. Net income was $775 million, or $0.13 per share, compared to the loss $172 million of the same period in 2015. Excluding certain items, profits for the fourth quarter was $0.47 per share, which was lower than expectations of $0.50 per share.
For the full-year 2016, revenues were $52.8 billion, which was contributed by 11% operational growth. Diluted EPS was $1.17 per share.
“I was pleased with the company’s overall performance during 2016 and believe both of our businesses executed well despite a challenging operating environment. We generated attractive operational revenue and earnings growth driven by our major products within both the Innovative Health and Essential Health businesses,” said Ian Read, the Chairman and Chief Executive Officer.
“I believe we are positioned for continued strong performance in 2017 and beyond, which will enhance our ability to deliver new therapies to patients and create value for our shareholders,” Ian added.
Based on the financial results of 2016, the company provided guidance for 2017. In 2017, Pfizer expected profits to be between $2.50 and $2.60 per share, which was in line with analysts’ estimates of $2.59 per share. Revenue was expected to be between $52 billion and $54 billion, which was slightly lower than previous estimates of $54.5 billion.