Pfizer said adjusted earnings for the three months ending in September came in at 75 cents per share, down 3.8% from the same period last year and firmly ahead of the Street consensus forecast of 62 cents per share. Group revenues, Pfizer said, slipped 5% to $12.68 billion but again topped analysts' forecasts of a $12.46 billion tally.
Looking into the final months of 2019, Pfizer said it sees adjusted earnings of between $2.94 to $3.00, against a Refinitv forecast of $2.82 and raised the mid-point of its full-year revenue range by $200 million, to reflect a range of between $51.2 billion to $52.2 billion.
"We reported strong third-quarter 2019 financial results, driven by 9% volume-driven operational revenue growth in our Biopharma business, including growth from key brands such as Ibrance, Xeljanz, Eliquis, Vyndaqel and Inlyta as well as in emerging markets," said CEO Albert Bourla. "Upjohn revenues were negatively impacted primarily by the July 2019 loss of exclusivity of Lyrica in the U.S., while Consumer Healthcare revenues declined as a result of the completion of the JV transaction with GSK during the quarter."
Pfizer shares were marked 3% higher following the earnings release to change hands $38.40 each, a move that would still leave the stock nursing a year-to-date decline of around 12%.
Pfizer said revenues from Upjohn, its wholly-owned business that was recently combined with Mylan, fell 28% to$2.195 billion, while biopharma revenues rose 7% to $10.108 billion, driven mostly by a strength in the group's Ibrance breast cancer treatment and its Xeljanz drug used by patients with rheumatoid arthritis.