NEW YORK (TheStreet) -- Pfizer (PFE) - Get Report shares are jumping 2.61% to $35.05 on Tuesday after the pharmaceutical giant posted better-than-expected third quarter earnings that surpassed analysts' forecasts.
For the latest quarter, the company reported earnings of 60 cents a share on revenue of $12.1 billion.
Analysts had estimated the company to earn 51 cents a share on revenue of $11.56 billion.
In the same period the year before, the company reported earnings 57 cents a share of on revenue of $12.36 billion.
"We have been intently focused on seeking to generate a greater portion of our earnings from increased revenues and I see our product portfolio, product pipeline and recent business development activity as supporting this objective," CEO Ian Read stated.
Sales for the recent quarter were helped by positive performance of new drugs including Prevnar 13, Ibrance, Eliquis and Lyrica.
In addition, the company acquired smaller rival Hospira for $16 billion during the recent quarter.
Looking ahead, the company raised its full-year earnings forecast to between the range of $2.16 to $2.20 a share, an increase from its previous outlook of $2.04 to $2.10 a share.
Revenue is expected to be between the range of $47.5 billion to $48.5 billion, higher than its past guidance of $46.5 billion to $47.5 billion.
Separately, TheStreet Ratings team rates PFIZER INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
We rate PFIZER INC (PFE) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, good cash flow from operations, solid stock price performance, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity.
You can view the full analysis from the report here: PFE