Pfizer Raises Earnings Projections on Biopharma Sales Increase
30 April 2019 - 10:19PM
Dow Jones News
By Kimberly Chin
Pfizer Inc. raised its full-year earnings projections as the
company reported a better-than-expected first-quarter performance,
primarily from sales in its biopharmaceutical business.
Pfizer raised its adjusted-earnings guidance by 1 cent to $2.83
to $2.93, reflecting operational improvements and
better-than-expected earnings in the first quarter.
Pfizer reported quarterly earnings of $3.88 billion, or 68 cents
a share, up from $3.56 billion, or 59 cents a share, a year
earlier.
Excluding special one-time items, Pfizer made 85 cents a share.
Analysts polled by Refinitiv expected adjusted earnings of 75 cents
a share.
Sales in its biopharmaceutical segment rose by 7%, excluding the
effects of foreign currency, led primarily by an increase in sales
in its international markets, Pfizer said. However, it had lower
revenues in its consumer-health unit, particularly from generic
competition and the loss of exclusivity on some of its products, as
well as lower demand for some of its rare-disease drugs.
Sales at Upjohn, which includes the cholesterol-controlling
Lipitor pills and the pain drug Lyrica, rose modestly at 1%,
excluding effects of foreign exchange, lifted primarily by growth
in China, though lower-cost generic rivals were also eating into
its market share and some of the patents on its blockbuster drugs
expired.
Overall sales rose 2% to $13.12 billion from a year earlier, or
5% with foreign exchange effects excluded. Analysts expected
revenue of $12.99 billion.
Shares of Pfizer rose 1.4% in premarket trading. Its stock has
fallen 9.3% so far this year.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
April 30, 2019 08:04 ET (12:04 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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