Pfizer Inc. on Tuesday lifted its full-year outlook as its new
treatments continued to drive growth in the second quarter.
Pfizer said it is now expecting $2.01 to $2.07 a share in
adjusted earnings, up from its previous forecast for $1.95 to $2.05
a share in earnings. The company lifted the bottom end of its
revenue outlook by $1 billion, now calling for $45 billion to $46
billion in revenue.
Shares gained 1% in light premarket trading.
Pfizer has had to combat a wave of patent expirations weighing
on sales, while a stronger dollar also has hurt results. The
company has forged development partnerships and sought to make
deals in a busy time for pharmaceutical mergers and
acquisitions.
In February, Pfizer agreed to buy Hospira Inc., a maker of
injectable drugs and infusion technologies, for about $16
billion.
In all, Pfizer posted a profit of $2.63 billion, or 42 cents a
share, down from $2.91 billion, or 45 cents a share, in the
prior-year period. Excluding certain items, per-share earnings were
56 cents. Revenue fell 7% to $11.9 billion.
Analysts polled by Thomson Reuters had projected 52 cents a
share and $11.42 billion in revenue.
Its established products revenues fell 22% in the quarter, while
its innovative products revenues grew 8% on a 44% surge in global
vaccines revenue.
Pfizer also attributed the growth in part to the U.S. launch of
Ibrance, its new treatment for breast cancer.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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