Pfizer, Inc. (NYSE: PFE)
Shares of Pfizer jumped 3% on Tuesday after the company reported positive second-quarter results.
The drugmaker posted earnings and revenue that were above analyst estimates thanks to strong sales of arthritis drug Xeljanz and pneumonia vaccine Prevnar.
The company also boosted its full-year adjusted earnings projection but lowered its revenue guidance.
PFE Earnings & Outlook
During the quarter, Pfizer posted earnings per share of $0.81 compared to $0.67 earnings per share reported in the same period last year.
The earnings beat the consensus analyst estimate of $0.74. Pfizer posted revenue of $13.47 billion topping Wall Street estimates by $160 million.
Revenue increased to $13.47 billion from $12.90 billion in the year-ago period. The company now expects earnings per share of $2.95 to $3.05 for fiscal 2018.
Pfizer lowered its full-year net sales outlook from $53.5 billion and $55.5 billion, to between $53 billion and $55 billion as a result of the strengthening US economy.
Pfizer CEO Comments
“We reported solid second-quarter 2018 financial results, with total company revenues up 2% operationally, driven by the continued growth of key brands such as Eliquis, Ibrance and Xeljanz, as well as biosimilars and emerging markets. The performance of these growth drivers was partially offset by product losses of exclusivity, a decline in legacy Established Products in developed markets and ongoing legacy Hospira supply shortages,” said Pfizer Chairman and Chief Executive Officer Ian Read.
“Regarding our investment in innovation, we continue to advance our pipeline, which we believe currently has the largest and most promising array of late-stage prospects it has had in decades. We continue to believe our pipeline positions us to deliver life-changing medicines to patients while enhancing shareholder value,” added Read.
Pfizer, Inc. Company Profile
Pfizer engages in the discovery, development, manufacture, and sale of healthcare products globally. The company operates through Pfizer Essential Health (EH) and Pfizer Innovative Health (IH) segments.
The EH segment develops and supplies generic sterile injectable products, branded generic products, anti-infectives, and biosimilars.
Products offered by this segment are available under Celebrex, Norvasc, Lipitor, Lyrica, Inspra, Viagra, Medrol, Fragmin, Remsima/Inflectra, Pristiq, Revatio, Zyvox, Nivestim, Vfend, Retacrit, Sulperazon, and Tygacil brand names.
The IH segment develops and commercializes vaccines and medicines, and consumer healthcare products for various therapeutic applications, including oncology, internal medicine, immunology, vaccines, inflammation, and rare diseases.
This segment offers over-the-counter products, including gastrointestinal, dietary supplements, pain management, and personal care and respiratory.
Products offered by this segment are available under Advil, Centrum, Prevnar 13, Ibrance, Xeljanz, Enbrel, Eliquis, Lyrica, and Xtandi brand names.
Pfizer also collaborates with Astellas Pharma US, Inc. for the development of Xtandi; Merck KGaA for developing Bavencio; Neofluidics, LLC for the development of a microfluidics-based platform; and Bristol-Myers Squibb Company to develop Eliquis.
The company serves retailers, wholesalers, clinics, hospitals, pharmacies, government agencies, and individual healthcare providers, as well as disease control and prevention centers.
Pfizer, Inc. was founded in 1849 by Charles Erhart and Charles Pfizer Sr. Its headquarters are based in New York, New York. –Reuters