Pfizer Inc. reported second-quarter adjusted EPS of 78 U.S. cents, down 2% from 80 cents in the year-ago period.
The S&P Capital IQ normalized EPS consensus estimate for the quarter was 66 cents.
The New York-based pharmaceutical giant's adjusted income declined by 3% to $4.40 billion from $4.52 billion in the second quarter of 2019.
Pfizer's revenues for the quarter declined 11% to $11.80 billion from $13.26 billion in the same period a year ago.
The second-quarter revenues included an estimated net unfavorable impact of about $500 million due to the impact of COVID-19 pandemic. Disruptions to wellness visits for patients in the U.S. and lower demand for certain products in China impacted the results. However, certain drugs and vaccines, including Prevenar 13 for preventing pneumococcal pneumonia, saw an increased demand in certain markets compared to the prior-year quarter, the company said in a July 28 earnings release.
On a reported basis, second-quarter net income was down to $3.43 billion, or 61 cents per share, from $5.05 billion, or 89 cents per share, a year earlier.
The company's adjusted income for the first six months of 2020 fell to $8.92 billion, or $1.59 per share, from $9.41 billion, or $1.65 per share, in the prior-year period.
Revenues were down by 10% to $23.83 billion from $26.38 billion in the first half of 2019.
On a reported basis, first-half net income declined to $6.83 billion, $1.22 per share, from $8.93 billion, or $1.56 per share, in the prior-year period.
Pfizer, which is developing a potential COVID-19 vaccine with Germany's BioNTech SE, raised its full-year adjusted EPS guidance to between $2.85 and $2.95, from the previous estimate range of $2.82 to $2.92.
The S&P Capital IQ normalized EPS consensus estimate for full-year 2020 is $2.83.
The company expects revenues to be between $48.6 billion to $50.6 billion, compared to the prior expected range of $48.5 billion to $50.5 billion.
Pfizer noted that it has restarted recruitment across ongoing and new clinical trials after briefly pausing the enrollment process due to the coronavirus pandemic.