Pfizer lowers revenue forecast on strong dollar, supply issues

U.S. drugmaker Pfizer Inc cut the top end of its full-year revenue forecast range on Tuesday, citing a stronger dollar and lower revenue from its sterile-injections business.

The outlook muddied the largest U.S. drugmaker's better-than-expected third-quarter profit on the back of strong sales of pneumonia vaccine Prevnar.

Pfizer has been tackling supply shortage issues at its sterile injectable products unit for at least a year. It acquired the business as part of its 2015 purchase of Hospira Inc for $15 billion.

The company said it now expects full-year revenue between $53.0 billion and $53.7 billion, compared with its previous forecast of $53 billion to $55 billion.

In the third quarter, Prevnar brought in sales of $1.66 billion compared with $1.52 billion, according to Refinitiv data.

Cancer drug Ibrance brought in revenue of $1.03 billion, below the average analyst estimate of $1.07 billion.

The drugmaker has been streamlining operations and investing in its cancer drug portfolio as it prepares for new Chief Executive Albert Bourla to take office next year.

Excluding special items, the company earned 78 cents per share, beating analysts' average estimate of 75 cents.

The company's net income rose 45 per cent to $4.11 billion in the three months ended Sept. 30.

Revenue climbed nearly 1 per cent to $13.30 billion.

The U.S. drugmaker's shares were down 1.1 per cent at $42.74 before the bell.