Pfizer Inc. (NYSE:PFE) released the earnings results from its most recently completed quarter this morning before opening bell, posting adjusted earnings of 57 cents per share on $12.4 billion in revenue. Analysts had been expecting the drug maker to report earnings of 55 cents per share on $12.28 billion in revenue. In the same quarter last year, Pfizer posted $12.64 billion in revenue.
Net earnings for the third quarter were 42 cents, compared to 39 cents last year.
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Key metrics from Pfizer’s earnings report
Pfizer’s Global Established Pharmaceutical business reported an operational decline in revenues of 6% die to the loss of exclusivity and generic competition for the overactive bladder treatment Detrol LA, the erectile dysfunction drug Viagra and the Alzheimer’s treatment Aricept. The drug maker also ended the co-promotion collaboration for the COPD drug Spiriva in several markets. Revenue for Pfizer’s Global Innovative Pharmaceutical fell 4% operationally due to the end of the collaboration agreement for the arthritis drug Enbrel in Canada and the U.S.
The company’s Global Vaccines, Oncology and Consumer Healthcare division saw a 13% operational increase. That includes a 19% increase in operational revenues for global vaccines and higher sales of Prevnar. Revenues for Consumer Healthcare rose 4% operationally after the GERD drug Nexium 24HR and vitamin supplement growth in emerging markets. Pfizer’s Global Oncology revenues rose 17% due to strong demand for Xalkori and Inlyta.
Pfizer adjusts guidance
The company expects adjusted revenues to be between $48.7 billion and $49.7 billion, compared to the previous guidance of between $48.7 billion and $50.7 billion. Pfizer expects reported earnings per share to be between $1.50 and $1.59, compared to the previous guidance of between $1.47 and $1.62. The drug maker expects adjusted earnings per share to be between $2.23 and $2.27 for the full year, compared to the previous guidance of between $2.20 and $2.30 per share.
So far this year, Pfizer has repurchased $4.2 billion worth of its shares. Last week, the company’s board authorized an additional $11 billion worth of share repurchases. That’s in addition to the $1.3 billion in authorization under the current share repurchase program.