Pfizer’s quarterly profit beat market estimates, partly helped by higher-than-expected sales of its blockbuster pneumonia vaccine Prevnar, and the company also raised its full-year earnings forecast.
Shares of the largest US drugmaker were up marginally at $35.24 in pre-market trading on Tuesday.
Pfizer sold $1.52 billion (€1.3bn) worth of Prevnar in the third quarter, down nearly 1 per cent from a year earlier, but ahead of analysts' estimate of $1.46 billion as compiled by Barclays.
The vaccine, which accounted for 11.5 per cent of Pfizer’s total revenue, has fuelled Pfizer’s growth until the last few quarter when its sales shrunk.
“Prevnar was a notable beat this quarter,” said Credit Suisse analyst Vamil Divan in a client note. “We view these results as refreshingly boring, and, given how biopharma stocks have reacted this quarter to disappointing results or product announcements, we think boring is a good thing right now.”
Pfizer has been under increasing pressure from investors and Wall Street to pull off a large deal to help reignite growth, and Wall Street will look for commentary on acquisitions during the company’s conference call, analysts said.
Total revenue
Sales of Pfizer’s breast cancer treatment Ibrance surged nearly 60 per cent to $878 million (€753m), but fell short of market estimates of $914 million. Ibrance faces competition from Novartis’ recently approved drug Kisqali.
Pfizer’s total revenue rose 1 per cent, increasing for the first time in four quarters, to $13.17 billion (€11.3bn), in line with market estimates. Net income more than doubled to $2.84 billion (€2.44bn), or 47 cent per share.
Excluding one-time items Pfizer earned 67 cent per share, beating analysts’ average estimate of 64 cent per share, according to Thomson Reuters. The company raised the midpoint of its full-year adjusted earnings forecast by 3 cent to a range of $2.58 to $2.62 per share. It tightened its revenue forecast to $52.4 billion (€44.9bn) to $53.1 billion, from $52 billion to $54 billion. – Reuters
