Earnings, adjusted for one-time gains and costs, were 56 cents per share. Prevnar 13 brought in $1.5 billion in sales during the quarter, and Pfizer is gearing up to squeeze more out of that category.
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Overall, Pfizer Inc.’s net income fell 10 per cent to $2.63 billion from $2.91 billion.
The results beat Wall Street expectations.
The maker of Viagra reported a 71% drop in worldwide revenue for its arthritis pain treatment Celebrex, as generic drug competition hurt sales both domestically and overseas.
Operational revenue growth was partially offset primarily by the loss of exclusivity and immediate multi-source generic competition for Celebrex and Zyvox in the U.S. and Lyrica in certain developed Europe markets.
Global Oncology revenues increased 25% to $713 million with performance being driven by Xalkori and Inlyta across the world and recently launched Ibrance which contributed $140 million to sales, significantly above first quarter 2015 sales of $38 million.
Its revenue slipped to $11.85 billion from $12.77 billion.
Pfizer also raised its earnings forecast.
Excluding the impact from currency rates, Pfizer said revenue grew 1 per cent in the quarter. Second-quarter results compare to the Thomson Reuters consensus estimates for EPS of $0.52 and $11.42 billion in revenues.
For the full fiscal year the company also raised its earnings forecast to between $2.01 and $2.07 per share from its previous view between $1.95 and $2.05 per share.
Shares closed at $34.34 on Monday, up 0.2% in a 52-week range of $27.51 to $35.53.
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Pfizer shares have climbed 10 percent since the beginning of the year, while the Standard & Poor’s 500 index has stayed almost flat.
