Pfizer Inc. (NYSE:PFE) shares slipped on Tuesday morning after the company posted lower-than-expected adjusted earnings for the third quarter and cut its profit outlook for 2016.
The biggest U.S. drug maker reported earnings of 61 cents per share on an adjusted basis that missed consensus forecast by 1 cent.
The company’s new cancer treatment, named Ibrance, produced revenue of $550 million that fell short of $576 million forecasted by analysts.
Lyrica pain drug generated revenue of $1.05 billion, below consensus estimate of $1.28 billion. However, Prevnar vaccine brought in sales of $1.54 billion, above analysts forecast of $1.48 billion.
Looking forward, New York-based Pfizer reduced the higher end of its adjusted earnings guidance from $2.48 per share to $2.43 per share for the full year, however it maintained the lower end at $2.38 per share.
The company slightly raised the lower end of its revenue outlook from $51 billion to $52 billion, while restated the higher end at $53 billion.
PFE shares fell more than 1 percent in the early trading following the third quarter results and full-year revised guidance.