Pfizer Inc. (PFE - Get Report) posted stronger-than-expected first quarter earnings Tuesday, and boosted the mid-point of its full-year profit forecast thanks to anticipated gains in biopharma consumer healthcare.
Pfizer said earnings for the three months ending in March came in at 68 cents per share, a 15.25% increase from the same period last year and seven cents ahead of the Street consensus forecast. Group revenues, Pfizer said, edged 1.64% higher from last year to $13.118 billion and came in just ahead of analysts' forecasts of $13.01 billion.
Looking into 2019, Pfizer raised the mid-point of its full-year adjusted earnings forecast by one penny to a range of $2.83 to $2.93 per share, and confirmed its previous guidance for full-year revenues in the range of $52 billion to $54 billion.
"Our pipeline continues to deliver differentiated therapies that have the potential to improve the standard of care for patients across multiple therapeutic areas. In the first four months of 2019, we have received five regulatory approvals and presented Phase 3 data for Xtandi in metastatic hormone-sensitive prostate cancer as well as Phase 2 immunogenicity data in adults for our 20-valent pneumococcal vaccine candidate," said CEO Albert Bourla. "I believe our pipeline today represents an unprecedented opportunity to deliver a life-changing impact for millions of patients while enhancing value for all of our stakeholders," he added
Pfizer shares were jumping 3.5% to $40.96 at midday Tuesday.
Biopharma revenues led the group's topline, rising 7% to $9.2 billion, Pfizer said, with the blood-thinning drug Eliquis sales rising 36% and its Ibrance breast cancer treatment rising 25%.