MOSCOW (Pakistan Point News / Sputnik - 02nd February, 2021) US pharma giant Pfizer on Tuesday reported a 41 percent year-on-year decline in the net income in 2020 to $9.616 billion, partly reflecting the company's spending on efforts to develop potential vaccines and therapeutics to help prevent and treat COVID-19.
In 2019, the company's net profit was $16.273 billion.
Last year, reported diluted earnings per share (EPS) were $1.71, compared with $2.87 a year ago. At the same time, Pfizer's yearly revenue increased by two percent and reached $41.9 billion.
In the fourth quarter of 2020, Pfizer's net income was $594 million, compared to the net loss of $337 million in 2019. The quarterly revenue rose up 12 percent to $11,684 billion, lower than what most financial experts predicted ($12,24 billion).
According to the company's financial forecast for 2021, Pfizer expects its revenues to be anywhere between $59.4 billion to $61.4 billion. The forecast for the adjusted diluted EPS is $3.1-$3.2.
The US pharma company, which developed a COVID-19 vaccine last year, was founded in 1849 and is headquartered in New York.
