Pfizer Tops Quarterly Expectations
CBJ – Pfizer has reported better-than-expected quarterly profit and revenue, helped by strong demand for its pneumonia vaccine Prevnar 13 and sales of its breast cancer drug, Ibrance.
Revenue from Pfizer’s global vaccines unit rose 44% to $1.58 billion. The unit accounted for about 13% of Pfizer’s total revenue.
Ibrance generated $140 million in revenue in the second quarter. It was approved by the U.S. Food and Drug Administration this past February.
In light of the strong quarterly results, the drugmaker has raised its adjusted profit forecast for 2015 to $2.01-$2.07 per share from $1.95-$2.05 and increased the lower end of its revenue forecast to $45 billion from $44 billion, maintaining the upper end at $46 billion.
The company’s net income fell to $2.63 billion, or 42 cents per share, in the second quarter from $2.91 billion, or 45 cents per share, a year earlier.
Excluding items, Pfizer earned 56 cents per share.
Revenue fell 7% to $11.85 billion, hurt by a stronger U.S. dollar.