BioCentury
ARTICLE | Financial News

Pfizer breaks out 1Q14 results for operating segments

May 6, 2014 12:40 AM UTC

Pfizer Inc. (NYSE:PFE) reported mixed 1Q14 earnings on Monday and for the first time broke out results for its three global commercial operating segments. Overall, 1Q14 adjusted diluted EPS was $0.57, up from $0.51 in the prior year's quarter and beating the Street's $0.55 estimate. Revenues in the quarter were down 9% to $11.4 billion and below the Street's $12.1 billion estimate. Pfizer repurchased $1.7 billion in stock since the start of the year through May 2 and said it continues to expect to repurchase about $5 billion of its stock this year.

Revenues for all three of Pfizer's operating segments declined in 1Q14 over the prior year's quarter. Revenues for the pharma's global established pharmaceutical (GEP) segment were $6 billion, down 13% from $6.9 billion in the prior year's quarter, while revenues for the global innovative pharmaceutical (GIP) segment were $3.1 billion, down 7% from $3.3 billion in 1Q13. Pfizer's global vaccines, oncology and consumer healthcare (VOC) segment had revenues of $2.17 billion, down less than 1% from $2.19 billion in 1Q13. Based on income from continuing operations, the VOC segment was the only segment up in the quarter, with a 6% increase to $1.1 billion in 1Q14 over $1 billion in the prior year's quarter. ...