Stronger Dollar Dents Pfizer's Quarterly Revenue

Pfizer Inc. (NYSE:PFE) on Tuesday lifted its full-year outlook as its new treatments continued to drive growth in the second quarter. Pfizer said it is now expecting $2.01 to $2.07 a share in adjusted earnings, up from its previous forecast for $1.95 to $2.05 a share in earnings. The company lifted the bottom end of its revenue outlook by $1 billion, now calling for $45 billion to $46 billion in revenue. Shares gained 1% in light premarket trading. Pfizer has had to combat a wave of patent expirations weighing on sales, while a stronger dollar also has hurt results. The company has forged development partnerships and sought to make deals in a busy time for pharmaceutical mergers and acquisitions. In February, Pfizer agreed to buy Hospira Inc., a maker of injectable drugs and infusion technologies, for about $16 billion. In all, Pfizer posted a profit of $2.63 billion, or 42 cents a share, down from $2.91 billion, or 45 cents a share, in the prior-year period. Excluding certain items, per-share earnings were 56 cents. Revenue fell 7% to $11.9 billion. Analysts polled by Thomson Reuters had projected 52 cents a share and $11.42 billion in revenue. Its established products revenues fell 22% in the quarter, while its innovative products revenues grew 8% on a 44% surge in global vaccines revenue. Pfizer also attributed the growth in part to the U.S. launch of Ibrance, its new treatment for breast cancer.