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MarketWatch MarketPulseOct 27, 2020
Pfizer cites $500 million impact in the third quarter as a result of the COVID-19 pandemic
Shares of Pfizer Inc. were up 0.1% in premarket trading on Tuesday after the drug maker missed sales expectations for the quarter. Pfizer had earnings of $2.2 billion, or 39 cents per share, in the third quarter of 2020, down from $7.7 billion, or $1.36 per share, in the same quarter a year ago. It had adjusted earnings per share of 72 cents for the quarter, against a FactSet consensus of 71 cents. The drug company's revenue fell 4% to $12.1 billion for the quarter, compared with $12.7 billion in the same quarter a year ago. The FactSet consensus was $12.3 billion. The company attributed an estimated unfavorable impact of $500 million for the quarter to the COVID-19 pandemic, citing lower demand for anti-infective products used in surgeries in China and disruptions in traditional prescribing patterns in the U.S. as people avoided going to to the doctor, including a 19% drop in sales of its smoking-cessation drug Chantix. The impact was offset to some degree by "strong performance" of its heart drugs, Vyndaqel and Vyndamax, and its biosimilars business. It did not disclose any additional details about its work to develop a COVID-19 vaccine with BioNTech . However, it did note that the Phase 2/3 clinical trial for the vaccine candidate had enrolled 42,000 participants as of Monday, and about 85% of the participants have received their second and final dose of the experimental vaccine. Pfizer adjusted its 2020 guidance for adjusted earning share to $2.88 to $2.93, from $2.85 to $2.95. Pfizer's stock is down 3.2% for the year, compared with the S&P 500 , which has gained 5.2%.

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Yahoo BusinessOct 27, 2020
Merck raises annual profit outlook as Keytruda drives profit beat
The upbeat results showed Merck was on a recovery path after its revenue took a hit at the height of the pandemic, nudging the company's shares about 2% higher in premarket trading. Sales of Keytruda, which is an approved treatment for cancers including non-small-cell lung cancer, rose 21% to $3.7 billion, above analysts estimates of $3.66 billion, according to six analysts polled by Refinitiv. Merck said it now expects full-year adjusted profit of between $5.91 and $6.01 per share, compared with its prior forecast of between $5.63 to $5.78 per share.

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