Investing.com - Shares of Pfizer (NYSE:PFE) slumped in premarket trade on Tuesday, after the pharmaceutical giant provided a downbeat revenue outlook for the coming year.
For 2019, the company revised its revenue guidance range to $52.0 billion to $54.0 billion from $53.0 billion to $53.7 billion and lowered its forecast for adjusted EPS to between $2.82 and $2.92, from an earlier range of $2.98 to $3.02.
"We enter 2019 with confidence in the competitive positioning of our businesses, the prospects for our recently launched products and product line extensions, as well as the strength and breadth of our research pipeline," Albert Bourla, Pfizer’s chief executive officer, said in a press release.
The lowered forecast represented expectations for an "essentially flat operating performance" this year, with the overall drop being explained by foreign exchange movements and changes in the value of equity investments.
For the current quarter, Pfizer posted earnings per share of 64 cents for the fourth-quarter, matching expectations.
Revenue totaled $13.98 billion, above forecasts of $13.96 billion.
Pfizer shares dropped 2.2% in premarket trade to $38.68.
Pfizer follows other major Healthcare sector earnings this month
On January 22, J&J reported fourth-quarter EPS of $1.97 on revenue of $20.39B, compared to forecasts of EPS of $1.95 on revenue of $20.2B.
Abbott Labs earnings matched analysts' expectations on January 23, with fourth-quarter EPS of $0.81 on revenue of $7.77B. Investing.com analysts expected EPS of $0.81 on revenue of $7.81B
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