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Home / Business / Pfizer's second-quarter earnings increase due to lower taxes and drug sales

Pfizer's second-quarter earnings increase due to lower taxes and drug sales



Pfizer's profit increased 26 percent in the second quarter, driven by a 4 percent increase in drug sales, higher revenue from partnerships, and lower tax expenses.

The largest US corporation The US pharmaceutical company surpassed Wall Street expectations on Tuesday, raising its earnings forecast for 2018. However, Pfizer announced its sales forecast and warned that weaker currencies in Europe and Asia could generate sales in the coming quarters.

The manufacturer of Viagra and the advanced breast cancer drug Ibrance achieved $ 3.87 billion, or 65 cents a share, versus $ 3.07 billion, or 51 cents a share, a year earlier. At 81 cents per share, earnings adjusted for one-time events were 6 cents above the expectations of industry analysts.

New York-based Pfizer announced sales of $ 13.47 billion after $ 12.9 billion in the second quarter of 2017. This brought the analysts' forecast for 13.26 billion US dollars over the pile.

Chief executive Ian Read said in a prepared statement that higher sales of Pfizer's main newer products would be partially offset by more generic competition and lower sales of off-patent medicines and by decreased production of some sterile injectable painkillers and other medications in his Hospira unit , This slowdown, while Pfizer is upgrading a Kansas factory, has disrupted hospital care over the past year. Sales of Pfizer's Prevnar-13 vaccine against ear and other pneumococcal infections increased 8 percent to $ 1.25 billion, and Lyrica outperformed capsules for pain and fibromyalgia, despite sales up 3 percent to 1.22 billion.

Dollar sank. Cancer drug sales increased 15 percent to $ 1.82 billion, led by Ibrance at $ 1.03 billion. Meanwhile, Eliquis' blood clot and stroke prevention sales increased 47 percent to $ 889 million.

Pfizer said it now expects full-year earnings of $ 2.95 to $ 3.05 per share, compared to its May forecast of $ 2.90 to $ 3. But the company lowered its revenue guidance by a range of $ 53 to 55 billion, compared to its previous forecast of $ 53.5 to $ 55.5 billion.

In pre-market trading, the Pfizer share fell 35 cents to $ 38.25. 19659013] ___

Follow Linda A. Johnson at https://twitter.com/LindaJ_onPharma

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Elements of this story were made by Automated Insights (http://automatedinsights.com/ap) using Data generated by Zacks Investment Research. Access a Zacks Share Report on PFE at https://www.zacks.com/ap/PFE

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