By Bill Berkrot
NEW YORK (Reuters) - PfizerInc on Tuesday reported lower-than-expected first-quarter revenue as demand for some key drugs and international sales fell short of estimates, sparking a 5.1 percent drop in shares of the largest U.S. drugmaker.
The company, which is exploring a sale of its Consumer HealthcareBusinessbut has seen potential suitors drop out, said it has not received an acceptable offer at this time.
"If we can't get value, we'll retain it and invest in it," Chief Executive OfficerIan Readtold analysts. A final decision is still expected this year.
Read, whose previous attempts at huge acquisitions of Astrazenecaand Allerganwere thwarted, said the company does not need a megamerger to drive future growth.
"I don't see that we need a transformative deal or see one at an appropriate value," Read said, adding that drugs in development and newer medicines will be able to drive future growth.
He said the company has 15 potential blockbuster medicines in the pipeline that could be launched by 2022.
Pfizeralso sees opportunities to significantly expand sales of Prostate Cancerdrug Xtandifor treating less advanced patients, and Arthritisdrug Xeljanzfor Ulcerative Colitis U.S. regulatory decisions on the expanded uses are expected later this year.
Pfizerposted adjusted earnings of 77 cents per share that topped analysts' average expectations by 4 cents, according to Thomson ReutersI/B/E/S, on lower taxes and cost of goods sold. It did not raise its full-year earnings or revenue forecasts.
Despite strong growth, sales of oral rheumatoid Arthritisdrug Xeljanzand Blockbuster Breast Cancertreatment Ibrance missed expectations largely due to inventory stocking issues but are likely to rebound, analysts said.
Injected Arthritisdrug Enbrelwas hit by competition from cheaper biosimilars outside the United States Vaccines and other older drugs, such as Lyrica, Premarin and Celebrex all fell short of analysts' estimates.
Ibrance sales rose 37.4 percent to $933 million, while analysts looked for $956.6 million. Xeljanzsales totaled $326 million, missing the Wall Street outlook by about $72 million.
Total revenue rose 1 percent to $12.91 billion, while analysts expected $13.13 billion.
Suntrust Robinson HumphreyAnalystJohn Borissaid he expected stronger international sales, given favorable foreign exchange rates.
"If you remove the FX tailwind it would have been a much more substantial miss," he said, adding that it was disappointing Pfizerdid not raise its 2018 forecasts after rivals, such as Merck %26 Coand AbbVie, raised their outlooks after reporting first-quarter results.
Pfizerstill expects adjusted full-year earnings of $2.90 to $3.00 per share on revenue of $53.5 billion to $55.5 billion.
Net profit rose to $3.56 billion, or 59 cents per share, for the quarter, from $3.12 billion, or 51 cents, a year earlier.
Pfizershares fell $1.87 to $34.74.
(Reporting by Bill Berkrotin New York and Akankshita Mukhopadhyay in Bengaluru; Editing by Sai Sachin Ravikumar, Anil D%27silvaand JS Benkoe)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)