by Christopher Freeburn | July 31, 2012 12:43 pm
Pfizer (NYSE:PFE) reported on Tuesday second-quarter profits of $3.25 billion, up 25% from $2.61 billion during the same period last year.
Revenues for the drugmaker were $15.06 billion, down 9% from 2011. That topped Wall Street’s estimate of $14.87 billion, Reuters noted. Adjusted EPS for the quarter was 62 cents, which beat analyst forecasts of 54 cents.
Investors liked the results, sending Pfizer shares up about 3% in Tuesday midday trading.
Sales were hurt by generic versions of its formerly patent-protected cholesterol drug Lipitor. A stronger U.S. dollar also trimmed sales, which would have been down just 6% if the dollar remained at lower exchange rates.
Looking forward, Pfizer reiterated its previously stated profit estimate of between $2.14 and $2.24 a share for the year.
Pfizer has been engaged in a serious round of cost cutting, including in its research program and marketing efforts. The company said it’s considering a full spin-off of its animal health business, which produces $4.2 billion in annual revenue.
Last week, Merck (NYSE:MRK) posted lower second-quarter earnings that still beat Wall Street expectations, while British drugmaker AstraZeneca (NYSE:AZN) topped earnings forecasts on lower profits and sales.
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