REUTERS - Pfizer Inc's quarterly profit beat market estimates, partly helped by higher-than-expected sales of its blockbuster pneumonia vaccine Prevnar, and the company also raised its full-year earnings forecast.
Shares of the largest U.S. drugmaker were up marginally at $35.24 in premarket trading on Tuesday.
Pfizer sold $1.52 billion worth of Prevnar in the third quarter, down nearly 1 percent from a year earlier, but ahead of analysts' estimate of $1.46 billion, as compiled by Barclays.
The vaccine, which accounted for 11.5 percent of Pfizer's total revenue, has fueled Pfizer's growth until the last few quarter, when its sales has shrunk.
"Prevnar was a notable beat this quarter," Credit Suisse analyst Vamil Divan said in a client note.
"We view these results as refreshingly boring and, given how biopharma stocks have reacted this quarter to disappointing results or product announcements, we think boring is a good thing right now."
Pfizer has been under increasing pressure from investors and Wall Street to pull off a large deal to help reignite growth and the Street will look for commentary on acquisitions during the company's conference call, analysts said.
Sales of Pfizer's breast cancer treatment, Ibrance, surged nearly 60 percent to $878 million, but fell short of market estimates of $914 million. Ibrance faces competition from Novartis' recently approved drug Kisqali.
Pfizer's total revenue rose 1 percent, increasing for the first time in four quarters, to $13.17 billion, in line with market estimates.
Net income more than doubled to $2.84 billion, or 47 cents per share. Excluding one-time items, Pfizer earned 67 cents per share, beating analysts average estimate of 64 cents per share, according to Thomson Reuters I/B/E/S.
The company raised the midpoint of its full-year adjusted earnings forecast by 3 cents to a range of $2.58 to $2.62 per share. It tightened its revenue forecast to $52.4 billion to $53.1 billion, from $52 billion to $54 billion.
(Reporting by Akankshita Mukhopadhyay and Ankur Banerjee in Bengaluru; Editing by Sayantani Ghosh and Savio D'Souza)
Disclaimer: No Business Standard Journalist was involved in creation of this content
