Pfizer said adjusted earnings for the three months ending in June came in at 81 cents a share, easily topping the consensus forecast of 74 cents and rising 20.9% from the same period last year. Group revenues came in at $13.47 billion, up 4.36% from the same period last year and beating the consensus forecast of $13.33 billion.
Pfizer said it would lift its full-year earnings guidance by 5 cents, to a range of $2.95 to $3.05 per share, while at the same time lowering the mid-point of its 2018 revenue guidance by $500 million to "reflect unfavorable changes in foreign exchange rates" and a stronger U.S. dollar.
"We continue to advance our pipeline, which we believe currently has the largest and most promising array of late-stage prospects it has had in decades," said CEO Ian Read. "We are looking ahead to several potential near-term opportunities in core therapeutic areas, and continue to see the potential for approximately 25-30 approvals through 2022, of which up to 15 have the potential to be blockbusters."
"We continue to believe our pipeline positions us to deliver life-changing medicines to patients while enhancing shareholder value," he added.
Pfizer shares were marked 1.5% lower in pre-market trading, indicating an opening bell price of $38.03 each, a move that would trim its year-to-date gain to around 5% and value the New York, NY.-based group at just under $225 billion.