Reuters

(Reuters)

Pfizer's 2Q Profit Tops Expectations

Industries Reuters

Pfizer reported better-than-expected quarterly revenue and profit, driven by sales of newer drugs and the acquisition of hospital products company Hospira.

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The largest U.S. drugmaker's revenue rose about 11 percent to $13.15 billion in the second quarter, edging past the average analyst estimate of $13.01 billion.

Sales of generic medicines rose 15.7 percent in the quarter to $6.04 billion, while sales of its array of patent-protected drugs jumped 7.2 percent to about $7.11 billion.

Pfizer last year completed its $16 billion purchase of Hospira, which makes a wide array of drugs and devices used in hospitals, especially sterile injectable products. Hospira products posted sales of about $1.14 billion in the quarter.

The company's recently launched breast cancer treatment, Ibrance, generated sales of $514 million, up from $140 million in the year-ago quarter and eclipsing the average Wall Street expectation of $496 million, compiled by Evercore ISI.

Pfizer, which in April terminated its $160 billion tax inversion deal to acquire Irish drugmaker Allergan Plc, said it earned 64 cents per share, excluding special items, beating the average analyst estimate by 2 cents.

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The Viagra maker's net income fell to $2.02 billion, or 33 cents per share, from $2.63 billion, or 42 cents per share.

(Reporting by Natalie Grover in Bengaluru; Editing by Saumyadeb Chakrabarty)