Shortages of Pfizer injectable painkillers has taken a tole on its finances. (Pfizer)
Pfizer acknowledged Tuesday that it continues to struggle with manufacturing at some Hospira plants, an issue that bodes ill not just for investors but also for U.S. hospitals. The manufacturing problems at Hospira that dented earnings and led it to lower its forecast mean ongoing drug shortages for healthcare providers.
CEO Ian Read today said (PDF) that “ongoing legacy Hospira sterile injectable supply shortages” dampened Pfizer’s results for which it reported 2% growth operationally. And the shortages are not over. They also play into the narrower financial guidance the drug giant reported for the year, which was shaved to a range of $53 billion to $53.7 billion from a range of $53 billion to $55 billion.