Pharmaceutical giant Pfizer published its financial report for the fourth quarter of last year. The results surprised experts, who had predicted the situation would be worse. CNBC writes about this.
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Financial results
As the company reported, during this period Pfizer earned 10 cents per share on an adjusted basis. Analysts surveyed by LSEG on average expected a loss of 22 cents per share.
Pfizer achieved this result due to demand for drugs against coronavirus, produced jointly with German BioNTech, as well as a 22% reduction in research costs.
The company aims to return to full-year profitability thanks to a $4 billion cost-cutting program and internal restructuring.
Market reaction
Pfizer shares have lost over the past year 37%. After the release of the report on Tuesday, the price began to rise before the market opened and jumped 1.2%, but subsequently pulled back to the low of the last 5 days.
Pfizer share price dynamics/Source: Google