Pfizer raises 2019 forecast as sales of cancer drug, heart medicine surge

Excluding special items, Pfizer earned 75 cents per share, topping analysts' average estimate by 13 cents

Pfizer Inc reported a higher-than-expected third-quarter profit on Tuesday on increased sales of cancer drug Ibrance and a strong launch of new heart medicine Vyndaqel, prompting the largest U.S. drugmaker to lift its earnings forecast for the year.

Pfizer raised its 2019 adjusted earnings forecast to $2.94 to $3.00 per share from its prior estimate of $2.76 to $2.86, and its shares rose 3.6%. Analysts on average were expecting $2.82, according to Refinitiv IBES.
 

Pfizer Chief Executive Albert Bourla, on a conference call, also raised the 2019 revenue growth forecast for the company's Upjohn unit in China to "mid-to-high single digits"