NEW YORK (TheStreet) -- Pfizer (PFE) - Get Report reported second quarter earnings on Tuesday that beat estimates and raised its outlook for the year, as the company's newly launched drug treatments continued to perform well in the quarter.
Pfizer's new breast cancer drug Ibrance generated $140 million in sales following its approval from the Federal Drug Administration in February. The drug has been shown to slow the growth of tumors in women with an advanced stage of breast cancer. Also driving Pfizer's strong quarterly performance was its pneumonia vaccine Prevnar 13, which pushed its global vaccine unit to increase its revenue by 44% over last year. Pfizer's other oncology drug sales also saw a a 25% increase on last year's numbers.
Overall, the drug maker posted second quarter earnings of 56 cents per share on revenue of $11.9 billion, beating Wall Street's estimates of earnings of 51 cents a share on revenue of $11.4 billion.
Pfizer also announced an adjusted earnings forecast for 2015, raising it to $2.01 to $2.07 a share from $1.95 to $2.05 per share. The company expects sales to reach between $45 billion to $46 billion.
"Our second-quarter and year-to-date financial performance is the result of continued business momentum, driven by solid execution of recent product launches in our Innovative Products business," said Pfizer CEO Ian Read, in a statement. The strong U.S. dollar and a wave of patent expiration dates have been a challenge for Pfizer.
In February, Pfizer agreed to buy injectable drug maker Hospira for around $16 billion. The deal is expected to close by the end of the year. "We look forward to completing the pending acquisition of Hospira, which we expect will meaningfully enhance our Established Products business," said Read.
Pfizer was up on the earnings news, despite the dip in profits and the headwinds from the strong dollar that slashed around $1 billion off the company's revenue numbers.