Pfizer tops Street 2Q forecasts

Staff Writer
Columbus CEO

NEW YORK (AP) — Pfizer Inc. (PFE) on Tuesday reported second-quarter net income of $2.63 billion.

The New York-based company said it had profit of 42 cents per share. Earnings, adjusted for one-time gains and costs, were 56 cents per share.

The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 51 cents per share.

The drugmaker posted revenue of $11.85 billion in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $11.41 billion.

Pfizer expects full-year earnings in the range of $2.01 to $2.07 per share, with revenue in the range of $45 billion to $46 billion.

Pfizer shares have climbed 10 percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. The stock has risen 14 percent in the last 12 months.

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This story was 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

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Keywords: Pfizer, Earnings Report, Priority Earnings