Pfizer Tops Q2 Earnings Estimates

by Christopher Freeburn | July 31, 2012 12:43 pm

Pfizer (NYSE:PFE[1]) reported on Tuesday second-quarter profits[2] 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[3]) posted lower second-quarter earnings that still beat Wall Street expectations[4], while British drugmaker AstraZeneca (NYSE:AZN[5]) topped earnings forecasts[6] on lower profits and sales.

Source URL: https://investorplace.com/2012/07/pfizer-tops-q3-earnings-estimates/

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