Pfizer Inc. (NYSE:PFE) reported its latest quarterly results before opening bell this morning, posting revenue of $12.6 billion, compared to $13.98 billion in the same quarter last year. Earnings excluding items were 58 cents per share, while reported earnings per share were 39 cents. That’s compared to reported earnings of 43 cents last year.
Consensus estimates indicate that analysts were expecting earnings excluding items of 56 cents per share. Shares edged slightly lower after the announcement, falling less than 1% in premarket trading.
Breaking down Pfizer’s results
Pfizer Inc. (NYSE:PFE) reported that global sales declined 7% to $12.64 billion during the quarter. The drug maker cited competition from generic drug makers for its cholesterol drug Lipitor and a number of other medications. Sales of its oncology drugs surged during the quarter, however, climbing 26% to $407 million. The company named its products Inlyta and Zalkori as strong performers. It also reported that several other drugs which are still protected by patents performed well during the quarter. Pfizer saw sales of the fibromyalgia drug Lyrica increase 11% during the quarter. Sales of the arthritis drug Celebrex increase 13% during the quarter.
Pfizer also reported improving prescription trends in its newer drug Eliquis, a blood thinner. The drug maker recently started its direct to consumer campaign in the U.S.
The company completed the spinoff of its animal health business into the new company Zoetis on June 24, so it reported the division as discontinued operations for the third quarter.
Other notes from Pfizer’s report
The drug maker bought back $3.8 billion worth of its common shares during the quarter, bringing its year to date stock repurchases to $13.1 billion. It also plans to report data from current clinical trials over the next few months.
For the full year, Pfizer Inc. (NYSE:PFE) lowered its guidance. It now expects earnings of between $3.05 per share and $3.15 per share. The drug maker’s previous guidance for the full year was between $3.07 and $3.22 per share.
