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October 27, 2015 at 08:51 AM
(Bloomberg) — Pfizer Inc.(NYSE:PFE) reported profit that beat analysts’ estimates after sales of Lyrica, a pain drug, and Ibrance, a breast cancer treatment, outperformed expectations. The company also raised its 2015 sales and profit outlook.
Adjusted earnings of 60 cents a share topped the average analyst estimate of 51 cents. Revenue dropped 2.2 percent to $12.1 billion, the New York-based drugmaker said in a statement Tuesday.
Pfizer is looking for its next big hit after the expiration of patents on blockbusters including cholesterol treatment Lipitor and arthritis drug Celebrex. New cancer drug Ibrance’s $230 million in revenue compared with the $207 million average estimate.
See also: Hillary Clinton fixes sights on ripe target: prescription drug prices
Pneumococcal vaccine Prevnar sold $1.58 billion, compared with the average estimate of $1.44 billion. Pain drug Lyrica brought in $1.22 billion, beating estimates of $1.11 billion. Rheumatoid arthritis drug Enbrel garnered $844 million, compared with estimates of $816 million.
Pfizer raised its 2015 profit forecast to $2.16 to $2.20 a share, excluding some items, up from the $2.04 to $2.10 a share the company provided in September after completing its $17 billion acquisition of intravenous drug maker Hospira Inc. Sales will be $47.5 billion to $48.5 billion, up from $46.5 to $47.5 billion.
The shares rose 3.4 percent to $35.32 at 9:30 a.m. in New York. They had climbed 9.7 percent this year through Monday.
