Pfizer's Outlook Disappoints as Drugmaker Focuses on Pipeline
- Dollar expected to take a bite while former blockbusters lapse
- Emphasis on cancer, experimental therapies amid pricing drama
The Pfizer logo sits on Viagra tablets.
Photographer: Simon Dawson/Bloomberg
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Pfizer Inc. issued a weaker financial forecast for 2019 than Wall Street expected, becoming the latest large drugmaker to warn about the ripple effects of a strong dollar.
The pharmaceutical giant said it expects 2019 adjusted earnings per share of $2.82 to $2.92 -- short of the average Wall Street analyst estimate of $3.04. Unfavorable foreign-exchange effects are expected to diminish sales by about $900 million this year, while cutting adjusted earnings per share by about 6 cents.