Drug Developing Giant Pfizer (PFE) Beats with Q3 Results & Commentary
Drug developing giant Pfizer Inc. (NYSE: PFE) reported Q3 profit of $2.84B, or $.47/share which was up from $1.36B, or $.22/share a year ago. Net income was reported as $4.06B, or 67 cents per share and greater than analyst expectations. Revenues grew at 1% and came in at $13.17B & met analyst forecasts.
Ian Read, Chairman and Chief Executive Officer, of Pfizer stated, “We reported solid third-quarter 2017 financial results and raised the midpoint of the range for our 2017 Adjusted diluted EPS(2) guidance. Innovative Health revenues grew 11% operationally, primarily driven by the performance of our key growth drivers, notably Ibrance, Eliquis, Xtandi and Xeljanz, all of which are products that are early in their patent-protected lifecycle in attractive therapeutic areas. While Essential Health revenues remained challenged primarily due to continued headwinds from products that recently lost marketing exclusivity and product supply, we had solid operational growth in emerging markets and in biosimilars. Looking ahead, we are encouraged by the convergence of two positive trends: an expected decline in the unfavorable revenue impact associated with product losses of exclusivity and the beginning of an expected multi- year wave of potential new product launches and product line extensions driven by our pipeline. We believe that the convergence of these trends, coupled with anticipated continued strong growth from the aforementioned innovative products, positions the Company for long-term success.”
Frank D’Amelio, Executive Vice President, Business Operations and Chief Financial Officer of Pfizer, stated, “Overall, I am pleased with our third-quarter 2017 financial results, including 2% operational revenue growth after excluding the net impact of acquisitions and divestitures completed in 2016 and the first nine months of 2017. As a result of our strong performance to date in 2017, we narrowed the ranges for certain 2017 financial guidance components, including a $0.03 increase to the midpoint of our range for Adjusted diluted EPS(2) to a range of $2.58 to $2.62. The midpoint of our new guidance range for Adjusted diluted EPS(2) implies 8% growth compared with last year. Finally, earlier this month, we announced that we are reviewing strategic alternatives for our Consumer Healthcare business.”
Pfizer expects earnings for the year to come in at $2.58 to $2.62/share, which would be higher than its August forecast for $2.54 to $2.60/share. Revenues are expected to come in at $52.4B to $53.1B, also higher $52B to $54B in its previous August forecast.
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