Pfizer's Q3 Earnings Beat Estimates, Raising Earnings for Full-Year 2017

Published on: 31 Oct, 2017

Pfizer Inc. (NYSE: PFE), the largest U.S. drug maker, posted its financial results for the third quarter on Tuesday. The company also adjusted its guidance for full-year 2017 in the statement. Shares of Pfizer rose to $35.24 per share in premarket trading on Tuesday.

Total revenue for the third quarter increased 1% from the same period last year to $13.17 billion, which was in line with market estimates. Sales of Prevnar were down 1% to $1.52 billion, which also beat analysts’ estimate of $1.46 billion.

Net income for the third quarter rose to $2.84 billion, or $0.47 per share. Excluding certain items, earnings per share was $0.67, beating analysts’ estimate of $64 per share.

In the statement, the company also raised its guidance for full-year 2017. Pfizer lowered its revenue guidance from $52 billion to $54 billion, to $52.4 billion to $53.1 billion. Adjusted earnings per share for full-year was expected to be in the range of $2.58 to $2.62 per share.

“Looking ahead, we are encouraged by the convergence of two positive trends: an expected decline in the unfavorable revenue impact associated with product losses of exclusivity and the beginning of an expected multiyear wave of potential new product launches and product line extensions driven by our pipeline,” Ian Read, the Chairman and Chief Executive Officer of the company, said in the statement on Tuesday.

“We believe that the convergence of these trends, coupled with anticipated continued strong growth from the aforementioned innovative products, positions the Company for long-term success,” he said.

Ratings

Ratings
  • 2401Views
  • 0Comments

Recommend to Friends

  • facebook
  • Twitter
  • google plus
  • pinterest
  • Digg
  • stumbleupon
  • Reddit
  • linkedin

@Newsletter

Sign Up for Weekly Updates

Opt-into our eNewsletter NOW! For the Latest Trending Financial News Topics in Cannabis, Tech, Biotechs, Precious Metals, Energy, Renewable Energy and much more!

Related Posts

06 Jun, 2017 3911
20 Jun, 2017 2942
29 Jun, 2017 2976
06 Jul, 2017 5632

Comments

There is no comment on this article