Pfizer's Stock Rallies After Earnings, Sales Beat Expectations
Pfizer Inc.'s stock rose 1.8% in premarket trade Tuesday, after the drug giant reported better-than-expected third-quarter profit and sales. Net earnings rose to $2.67 billion, or 42 cents a share, from $2.59 billion, or 39 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted per-share earnings were 57 cents, topping the FactSet consenus analyst estimate of 55 cents. Revenue declined 2% from last year to $12.36 billion, but exceeded analyst forecasts of $12.28 billion. The sales decline was a result of lower established and innovative pharmaceutical sales, which offset growth in global vaccines, consumer healthcare and global oncology sales. Pfizer also revised its 2014 adjusted earnings-per-share outlook to a range of $2.23 to $2.27 from a prior range of $2.20 to $2.30, and its sales forecast to $48.7 billion to $49.7 billion from $48.7 billion to $50.7 billion. The stock, a component of the Dow industrials, has slipped 5.2% year to date through Monday, while the Dow has gained 1.5%.
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