Shares of Pfizer (PFE) ended the week with losses of 3%. The global biopharmaceutical company postponed the release of its third quarter results to Wednesday as a result of the impact of hurricane Sandy.
Third Quarter Results
Pfizer reported third quarter revenues of $14.0 billion, down 16% on the year. A strong US dollar resulted in $699 million in lower revenues, or 4% in total. The loss of exclusivity of its key drug Liptor was the main cause behind the fall in revenues. On average, analysts expected Pfizer to report revenues of $15.5 billion.
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