A man walks past Pfizer's world headquarters in New York April 28, 2014.Credit: Reuters/Andrew Kelly
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(Reuters) - Pfizer Inc (PFE.N), which in May officially abandoned its bid to buy British rival AstraZeneca Plc, reported higher-than-expected second-quarter revenue, helped by growing demand for its cancer medicines.
The largest U.S. drugmaker on Tuesday said it had earned $2.91 billion, or 45 cents per share. That compared with $14.1 billion, or $1.98 per share, a year earlier, when Pfizer received more than $10 billion in proceeds from the spinoff of its animal health business into a new publicly traded company, Zoetis (ZTS.N).
Excluding special items, Pfizer earned 58 cents per share. Analysts on average expected 57 cents, according to Thomson Reuters I/B/E/S.
Sales fell 2 percent to $12.77 billion, hurt by declines for generic medicines that Pfizer calls established products, but they exceeded Wall Street expectations of $12.46 billion.
Pfizer stuck to its prior earnings forecast of $2.20 to $2.30 per share for the full year.
Shares of Pfizer were up 1 percent at $30.41 in trading before the market opened.
(Reporting by Ransdell Pierson; Editing by Lisa Von Ahn)FILED UNDER: Health Tweet this Link this Share this Digg this EmailPrintReprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/Comments (0)Be the first to comment on reuters.com. Add yours using the box above.
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