Pfizer Beats EPS Target by a Penny

Pfizer (PFE Quote) posted greater-than-expected profit and revenue for the second quarter Wednesday. Foreign exchange rates helped to balance a highly competitive statin market, loss of some product exclusivity and safety concerns that marred U.S. sales of its smoking-cessation drug Chantix.

Shares of the Big Pharma company added 49 cents, or 2.7%, to $18.84 in recent early morning trading Wednesday.

Pfizer said it earned 41 cents a share in the recent quarter, vs. 18 cents a share in the comparable year-ago period. On an adjusted basis, the company reported profit of 55 cents a share on revenue that increased 9% to $12.1 billion. ...