Pfizer's Stock Jumps After Beating Profit And Sales Expectations, Raising Outlook

By MarketWatch Pulse

Pfizer Inc.'s stock climbed 1.9% in premarket trade Tuesday, after the drug giant reported better-than-expected third-quarter results and raised its full-year outlook. Earnings fell to $2.13 billion, or 34 cents a share, from $2.67 billion, or 42 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 60 cents, beating the FactSet consensus of 51 cents. Revenue slipped 2% to $12.09 billion, but was above the FactSet consensus of $11.56 billion, boosted by strong growth in its innovative products, vaccines and global oncology businesses. The company raised its full-year 2015 outlook for adjusted EPS to a range of $2.16 to $2.20 from $2.04 to $2.10, and for revenue to $47.5 billion to $48.5 billion from $46.5 billion to $47.5 billion. "We have been intently focused on seeking to generate a greater portion of our earnings from increased revenues and I see our product portfolio, product pipeline and recent business development activity as supporting this objective," said Chief Executive Ian Read. The stock has gained 9.7% year to date, while the Dow Jones Industrial Average has slipped 1.1%.

Copyright © 2015 MarketWatch, Inc.

Continue Reading Below