Pfizer beats estimates but maintains 2016 profit forecast | Fin24
 
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Pfizer beats estimates but maintains 2016 profit forecast

Aug 02 2016 16:45

London - Pfizer reported better-than-expected quarterly revenue and profit, driven by sales of newer drugs and the acquisition of hospital products company Hospira.

The largest US drugmaker's revenue rose about 11% to $13.15bn in the second quarter, edging past the average analyst estimate of $13.01bn.

Sales of generic medicines rose 15.7% in the quarter to $6.04bn, while sales of its array of patent-protected drugs jumped 7.2% to about $7.11bn.

Pfizer last year completed its $16bn purchase of Hospira, which makes a wide array of drugs and devices used in hospitals, especially sterile injectable products. Hospira products posted sales of about $1.14bn in the quarter.

The company's recently launched breast cancer treatment, Ibrance, generated sales of $514m, up from $140m in the year-ago quarter and eclipsing the average Wall Street expectation of $496m, compiled by Evercore ISI.

Pfizer, which in April terminated its $160bn tax inversion deal to acquire Irish drugmaker Allergan, said it earned 64 cents per share, excluding special items, beating the average analyst estimate by 2 cents.

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