Business Corpus: Pfizer's Quarterly Sales Brake As Ibrance, Xeljanz Lag ExpectationsPfizer on Tuesday reported adjusted income of 77 cents per share on $12.91 billion in revenue for its first quarter. The post Pfizer's Quarterly Sales Brake As Ibrance, Xeljanz Lag Expectations appeared first on Investor's Business Daily.

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Pfizer's (PFE) blockbuster breast cancer drug, Ibrance, lagged expectations during the first quarter Tuesday as the Dow Jones component saw total revenue stall and issued light guidance for 2018.

On the stock market today, Pfizer tumbled 3.3% to close at 35.40. Shares are currently consolidating with a buy point at 39.53.

For its first quarter, Pfizer reported adjusted income of 77 cents per share on $12.91 billion in sales. Adjusted income topped views by 3 cents and grew 12%. But sales increased just 1% vs. the year-ago period, and missed the consensus for $13.09 billion, according to Zacks Investment Research.

Pfizer cited negative "customer buying patterns" for slow sales of Ibrance and Xeljanz in the U.S.

Ibrance, Xeljanz Sales Lag

Total sales of Ibrance grew 37% to $933 million. That was below expectations for $956.6 million, Reuters said. In the U.S., Ibrance sales rose 19% to $726 million. Pfizer is likely seeing competition from Novartis (NVS) and Eli Lilly's (LLY) rival drugs.

Xeljanz, a treatment for rheumatoid arthritis, also grew 30% to $326 million across the globe. But that missed expectations for $398.5 million. Xeljanz sales advanced 19% in the U.S. to $253 million.

The biggest declines came from Pfizer's unit known as Essential Health, which includes nonviral anti-infectives, biosimilars and injectable medicines. Sales in that business declined 5% to $5.08 billion as the Innovative Health unit grew 6%, raking in $7.83 billion.

For the year, Pfizer guided to adjusted earnings of $2.90-$3 per share. The midpoint of guidance missed consensus expectations by a penny. The firm also sees $53.5 billion to $55.5 billion in sales. At the midpoint, Pfizer' sales guidance just lagged views for $54.59 billion.

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