NEW YORK (TheStreet) -- Pfizer (PFE) - Get Report shares are up by 0.58% to $34.54 in early market trading on Tuesday morning, following the release of the global biopharmaceutical company's second quarter earnings results.

The company reported second quarter net income of $2.63 billion, or 56 cents per diluted share, on revenue that fell 7% year-over-year to $11.85 billion.

Analysts on average were expecting Pfizer to report earnings of 51 cents per share on revenue of $11.41 billion.

For the full fiscal year the company also raised its earnings forecast to between $2.01 and $2.07 per share from its previous view between $1.95 and $2.05 per share.

The maker of Viagra reported a 71% drop in worldwide revenue for its arthritis pain treatment Celebrex, as generic drug competition hurt sales both domestically and abroad.

Separately, TheStreet Ratings team rates PFIZER INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate PFIZER INC (PFE) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, expanding profit margins and growth in earnings per share. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity."

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