By Patrick Thomas
Pfizer Inc. raised its financial targets for the year on Tuesday as the company reported better-than-expected quarterly results, lifted by higher sales in its biopharmaceutical business.
The New York-based drugmaker said it expects full-year revenue of between $51.2 billion and $52.2 billion, compared with its previous outlook of between $50.5 billion and $52.5 billion. The company raised its adjusted earnings guidance to between $2.94 and $3.00 a share, from $2.76 to $2.86 a share.
The company posted a third-quarter profit of $7.68 billion, or $1.36 a share, compared with $4.11 billion, or 69 cents a share, a year ago.
Excluding special one-time items, the company reported a profit of 75 cents a share. Analysts were expecting earnings of 46 cents a share, or 62 cents a share on an adjusted basis.
Revenue fell to $12.68 billion from $13.3 billion a year earlier. Analysts polled by FactSet had expected $12.26 billion of revenue in the quarter.
Sales in its biopharmaceutical segment rose by about 7% to $10.11 billion, led by higher sales of its Ibrance, Xeljanz, Eliquis, Vyndaqel and Inlyta brands as well as an increase in sales in its international markets, Pfizer said.
Sales at its Upjohn unit, which includes the cholesterol-controlling Lipitor pills and the pain drug Lyrica, fell 28%, driven by volume declines for Lyrica in the U.S. due to the loss of patent protection.
Shares of Pfizer are up 2.9% in premarket trading.
Write to Patrick Thomas at Patrick.Thomas@wsj.com
(END) Dow Jones Newswires
October 29, 2019 07:37 ET (11:37 GMT)Copyright (c) 2019 Dow Jones & Company, Inc.