=Pfizer (PFE) reported earnings on Tue 1 Nov 2016 (b/o)

Pfizer misses by $0.01, reports revs in-line; updates FY16 guidance :

• Reports Q3 (Sep) earnings of $0.61 per share, $0.01 worse than the Capital IQ Consensus of $0.62; revenues rose 7.9% year/year to $13.04 bln vs the $13.03 bln Capital IQ Consensus
• As mentioned earlier, Pfizer announced the decision to discontinue development of bococizumab. As a result, 2016 financial guidance for Adjusted R&D expenses was negatively impacted by $0.3 billion and Adjusted Diluted EPS was negatively impacted by $0.04. 
• Co updates guidance for FY16, now sees EPS of $2.38-2.43 vs. $2.47 Capital IQ Consensus Estimate (previously $2.38 to $2.48); sees FY16 revs of $52.0-53.0 bln vs. $53.15 bln Capital IQ Consensus Estimate (previously $51.0 to $53.0 billion).
• Mgmt commentary: "We raised the midpoint of the range for our 2016 Revenue guidance primarily to reflect our strong performance to date and the inclusion of legacy Medivation operations in fourth-quarter 2016. The midpoint of our range for our 2016 Adjusted Diluted EPS(2) guidance was negatively impacted solely due to our decision to discontinue development of bococizumab. Excluding this impact, the midpoint of our range for our 2016 Adjusted Diluted EPS(2) guidance would have increased by $0.02," Mr. D'Amelio concluded.
• Innovative Health Highlights: IH delivered strong revenue growth again this quarter, up 10% operationally, driven by continued growth from key brands including Ibrance, primarily in the U.S., Eliquis globally as well as Xeljanz, Lyrica and Chantix/Champix, all primarily in the U.S. Compared to the year-ago quarter, Ibrance revenue more than doubled while global operational revenue growth for Eliquis and Xeljanz was 92% and 86%, respectively.
• Essential Health Highlights: EH revenues increased 10% operationally, primarily due to the inclusion of legacy Hospira operations, and to a lesser extent, the performance of the EH Standalone Sterile Injectables(9) portfolio, partially offset by the loss of exclusivity and associated generic competition for certain Peri-LOE products(9), primarily Lyrica and Zyvox, both primarily in most developed Europe markets.