Pfizer beats 2Q net income and revenue expectations

MarketsAssociated Press

Pfizer Inc. (PFE) on Tuesday reported second-quarter net income of $2.63 billion.

The New York-based company said it had profit of 42 cents per share. Earnings, adjusted for one-time gains and costs, were 56 cents per share.

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The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 51 cents per share.

The drugmaker posted revenue of $11.85 billion in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $11.41 billion.

Pfizer expects full-year earnings in the range of $2.01 to $2.07 per share, with revenue in the range of $45 billion to $46 billion.

Pfizer shares have climbed 10 percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. The stock has risen 14 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PFE at http://www.zacks.com/ap/PFE

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Keywords: Pfizer, Earnings Report, Priority Earnings