Pfizer (PFE) , the world's biggest drugmaker, said Wednesday that it's abandoning its European listings due to liquidity issues.
"Following a determination by the company that there is a limited trading or liquidity of its common stock on the Main Market of the London Stock Exchange," Pfizer said. The pharmaceutical giant also said it has applied to delist from the SIX Swiss Exchange.
The The company's secondary shares are worth 5 cents each and the delisting is expected to take place on March 23.
Pfizer's main listing is on the New York Stock Exchange. Shares closed at $33.62 on Tuesday, extending a 7.31% gain over the past three months.
In January, the drugmaker published 2017 revenue forecasts that fell short of Wall Street expectation as its fourth quarter earnings also missed.
Pfizer said that it expected to generate between $52 billion and $54 billion in revenues this year. Analysts had been expecting $54.5 billion.
The company also reported adjusted earnings of 47 cents per share for the fourth quarter, on revenues of $13.6 billion.
