NEW YORK (AP) - Pfizer topped analyst expectations for the third quarter and raised its 2015 earnings forecast again, as the world's second-largest drugmaker absorbed a $17-billion acquisition and faced top-line revenue pressure from foreign exchange rates.
NEW YORK (AP) — Pfizer topped analyst expectations for the third quarter and raised its 2015 earnings forecast again, as the world's second-largest drugmaker absorbed a $17-billion acquisition and faced top-line revenue pressure from foreign exchange rates.
The New York company said Tuesday that it now expects 2015 adjusted earnings of $2.16 to $2.20 per share, up from a forecast it had updated last month to $2.04 to $2.10 per share.
Analysts expected, on average, $2.09 per share, according to FactSet.
Pfizer acquired Hospira, the world's top maker of sterile injectible drugs, on Sept. 3. The deal was part of an effort to boost Pfizer's global established products unit, which handles medicines like the cholesterol fighter Lipitor that have lost patent protection but still sell well in many countries.
Costs tied to that deal helped drop Pfizer earnings 20 percent to $2.13 billion from $2.67 billion in the previous year's quarter. Earnings, adjusted for one-time gains and costs, came to 60 cents per share in the most recent quarter.
The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 51 cents per share.
Pfizer sells the erectile dysfunction drug Viagra, the pain and fibromyalgia treatment Lyrica and pneumonia vaccine Prevnar among other drugs.
Its revenue slipped 2 percent to $12.09 billion, hurt in part by foreign exchange rates, but that also topped the average Street forecast of $11.49 billion.
Pfizer's revenue has been declining since the end of 2011, due to a wave of generic competition for about 20 drugs that have lost patent protection.
Shares of Pfizer Inc. jumped more than 2 percent, or 83 cents, to $34.99 a couple hours before markets opened Tuesday and after the company released results.
Pfizer shares had climbed almost 10 percent since the beginning of the year, as of Monday's market close. Meanwhile, the Standard & Poor's 500 index has climbed roughly 1 percent.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PFE at http://www.zacks.com/ap/PFE
Keywords: Pfizer, Earnings Report, Priority Earnings