Pfizer beats profit estimates on higher sales of Prevnar, Xeljanz

Pfizer beats profit estimates on higher sales of Prevnar, Xeljanz

FILE PHOTO: The Pfizer logo is seen at their world headquarters in New York April 28, 2014. REUTERS/Andrew Kelly/File Photo
REUTERS: U.S. drugmaker Pfizer Inc posted a better-than-expected quarterly profit on Tuesday, driven by higher sales of pneumonia vaccine Prevnar and arthritis drug Xeljanz.The company lowered its 2018 revenue expectation to between US$53 billion and US$55 billion, from US$53.5 billion to US$55.5 billion, due to a strengthening dollar.
Net income rose to US$3.87 billion, or 65 cents per share, in the second quarter, from US$3.07 billion, or 51 cents per share, a year earlier.Excluding special items, the company earned 81 cents per share, beating analysts' average estimate of 74 cents, according to Thomson Reuters I/B/E/S.Revenue rose 4.4 percent to US$13.47 billion, ahead of expectations of US$13.31 billion.The company raised its full-year adjusted earnings per share forecast to between US$2.95 and US$3.05, from US$2.90 to US$3.00 earlier.
Pfizer said the new forecast reflects US$6.1 billion worth of share repurchases already completed in 2018.(Reporting by Tamara Mathias in Bengaluru; Editing by Sriraj Kalluvila)
Source: Reuters
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