What's Going On With Pfizer Stock Today?

Benzinga ·  Jan 25 09:26

Pfizer Inc (NYSE:PFE) is set to announce its fourth quarter 2023 earnings next week on 30th January. The analysts expect the US pharma giant to report an EPS loss of $(0.22) and revenues of $14.25 billion, according to data from Benzinga Pro.

Last week, Daiichi Sankyo Co Ltd (OTC:DSKYF) (OTC:DSNKY) announced that the U.S. Patent and Trademark Office rendered a Final Written Decision invalidating all claims of Seagen Inc's U.S. patent 10,808,039 challenged by Daiichi Sankyo in a post-grant review proceeding, related to a cancer drug.

In December, Pfizer agreed to donate the rights of royalties from sales of cancer drug Bavencio (avelumab) to the American Association for Cancer Research to address U.S. Federal Trade Commission concerns related to its $43-billion deal to buy Seagen.

For FY24, the pharma giant expects revenue of $58.5 billion-$61.5 billion, including the expected contribution from the Seagen acquisition versus the consensus of $63.17 billion.

The company forecasts FY24 adjusted diluted EPS guidance of $2.05-$2.25, including the expected impact of the Seagen acquisition, compared to the consensus of $3.17.

In a bid to catch up in the obesity race, Pfizer reported topline data from the Phase 2b trial of danuglipron (PF-06882961) in adults with obesity and without type 2 diabetes.

The study met its primary endpoint, demonstrating a statistically significant change in body weight from baseline, but danuglipron was tied to "high rates" of mild gastrointestinal side effects, leading to more than half of the patients across all dose groups dropping out from the trial, sending shares lower.

Last week, Amit Dagar, a former senior statistical program lead at Pfizer, was found guilty of securities fraud by a federal jury in Manhattan.

Read Next: Pfizer's Aggressive Stance In Obesity Drugs: CEO Albert Bourla Confirms Bold Bet Despite Prior Drug Hurdles.

Price Action: PFE shares are trading 1.69% lower at $27.85 during the premarket session on the last check Thursday on a session volume of 320.951K versus the average volume (100 day) of 41.623 million.

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