Pfizer Shares Up As Company Tops Profit, Revenue Estimates For Q2

By Ciara LinnaneMarketWatch Pulse

Pfizer Inc. shares rose 1.1% in premarket trade Tuesday, after the drugs giant reported better-than-expected second-quarter profit and revenue and raised the midpoint of its revenue and adjusted earnings outlook. Pfizer said it had net income of $2.6 billion, or 42 cents a share, in the quarter, down from $2.9 billion, or 45 cents a share, in the year-earlier period. Adjusted per-share earnings came to 56 cents, ahead of the 52 cents FactSet consensus. Revenue edged down to $11.9 billion from $12.8 billion, also ahead of the FactSet consensus of $11.4 billion. "We were able to grow revenues by 1% excluding the impact of foreign exchange, marking the third consecutive quarter of operational revenue growth, despite the continued significant negative impact from product losses of exclusivity, primarily Celebrex and Zyvox in the U.S. and Lyrica in certain developed Europe markets," Chief Financial Officer Frank D'Amelio said in a statement. The company raised the midpoint of its 2015 revenue outlook by $500 million, and the midpoint of its adjusted EPS outlook by 4 cents. Shares are up 10% in the year so far, while the Dow Jones Industrial Average has shed 2%.

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