Pfizer Inc.'s stock surged 3.4% in premarket trade Tuesday, after the drug giant beat first-quarter profit and sales expectations, and raised its full-year outlook. Earnings for the latest quarter rose to $3.02 billion, or 49 cents a share, from $2.38 billion, or 38 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came in at 67 cents, above the FactSet consensus of 55 cents. Revenue increased 20% to $13.01 billion, well above the FactSet consensus of $12.07 billion, with sales of innovative products rising 23% and of established products growing 17%. For 2016, Pfizer raised its adjusted EPS outlook to a range of $2.38 to $2.48 from $2.20 to $2.30, and its revenue outlook to $51.0 billion to $53.0 billion from $49.0 billion to $51.0 billion. "We began the year with very strong operational performance across both our innovative and established businesses and this has served as a key driver of an increase in both our revenue and earnings per share guidance for the remainder of the year," said Chief Executive Ian Read. The stock has tacked on 1.6% year to date through Monday, while the Dow Jones Industrial Average has gained 2.7%.
Copyright © 2016 MarketWatch, Inc.
Continue Reading Below